To amend the Internal Revenue Code of 1986 to permanently allow a tax deduction at the time an investment is made in property used for the mining, reclaiming, or recycling of critical minerals and metals from the United States, and for other purposes.
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Sep 1, 2020)
This bill allows permanent expensing of property used in the mining, reclaiming, or recycling of certain critical minerals and metals within the United States and of nonresidential real property used in mining such minerals and metals. Expensing is the treatment of expenditures as operating costs deductible in full in the current taxable year.
The bill allows a new tax deduction for 200% of the cost of purchasing or acquiring such critical minerals and metals extracted from deposits in the United States.
The bill requires the Department of the Interior to establish a pilot project grant program for the development of critical minerals and metals in the United States. A grant awarded under such program may not exceed $10 million. In awarding grants, Interior must give priority to projects determined to be economically viable over the long term and must allot 30% of grants funds to the secondary recovery of critical minerals and metals.
What just happenedSep 10, 2020
Referred to the Subcommittee on Energy and Mineral Resources.
Who’s behind it
- Introduced in HouseSep 1, 2020
- Sep 10, 2020Committee
Referred to the Subcommittee on Energy and Mineral Resources.
Energy and Mineral Resources Subcommittee - Sep 1, 2020IntroReferralH11100
Referred to the Committee on Ways and Means, and in addition to the Committee on Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Natural Resources Committee - Sep 1, 2020IntroReferralH11100
Referred to the Committee on Ways and Means, and in addition to the Committee on Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Ways and Means Committee - Sep 1, 2020IntroReferralIntro-H
Introduced in House
- Sep 1, 2020IntroReferral1000
Introduced in House