,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #ejcc  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,augu/ #ac1 #bjba,mr4 
,swalwell 7= himself & ,mr4 ,res*5?al]7 
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ways & ,means  ,a     
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to e/abli% a cr$it = !    
dome/ic production ( r>e e>? magnets1 & 
= o!r purposes4  #a4 ,%ort title ,?is   
,act may be cit$ z ! ,r>e ,e>? ,magnet  
,manufactur+ ,production ,tax ,cr$it    
,act ( #bjba4  #b4 ,cr$it = production (
 r>e e>? magnets  7a7 ,9 g5]al ,!       
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by ins]t+ ! foll[+ new section aft]     
section #de,t3  #de,u4 ,cr$it =         
production ( r>e e>? magnets  7a7 ,9    
g5]al ,= ! purposes ( section #ch1 !    
cr$it = production ( r>e e>? magnets    
det]m9$ "u ?is section = any taxable ye>
 is an am\nt equal to ! sum (-- 7#a7 #bj
 p] kilogram ( r>e e>? magnets          
manufactur$ 9 ! ,unit$ ,/ates by !      
taxpay] dur+ ! taxable ye>1 or  7#b7 #cj

 p] kilogram ( r>e e>? magnets          
manufactur$ 9 ! ,unit$ ,/ates by !      
taxpay] dur+ ! taxable ye> if all ( !   
compon5t r>e e>? mat]ial ( su* magnets  
are produc$ )9 ! ,unit$ ,/ates4  7b7    
,phase-,out  7#a7 ,9 g5]al ,9 ! case (  
any r>e e>? magnet produc$ aft] ,decemb]
 #ca1 #bjcj1 ! am\nt det]m9$ "u ?is     
section ) respect to su* r>e e>? magnet 
%all be equal to ! product (-- 7,a7 !   
am\nt det]m9$ "u subsection 7a7 )       
respect to su* r>e e>? magnet1 z det]m9$
 )\t reg>d to ?is subsection1 multipli$ 
by  7,b7 ! phase-out p]c5tage describ$ 9
 p>agraph 7#b74  7#b7 ,phase-out        
p]c5tage ,! phase-out p]c5tage describ$ 
9 ?is p>agraph is-- 7,a7 9 ! case ( any 
r>e e>? magnet produc$ 9 cal5d> ye>     
#bjca1 #gj p]c5t1  7,b7 9 ! case ( any  
r>e e>? magnet produc$ 9 cal5d> ye>     
#bjcb1 #ce p]c5t1 or  7,c7 9 ! case (   
any r>e e>? magnet produc$ aft] ,decemb]
 #ca1 #bjcc1 #j p]c5t4  7c7 ,re/riction 
on compon5t s\rc+ ,a taxpay] is n       
eligible = ! cr$it det]m9$ "u subsection

 7a7 ) respect to a r>e e>? magnet if   
any compon5t r>e e>? mat]ial us$ to     
produce su* magnet 0 produc$ 9 a        
non-alli$ =eign nation4  7d7 ,def9itions
 ,= ! purposes ( ?is section-- 7#a7 ,r>e
 e>? magnet ,! t]m r>e e>? magnet means 
a p]man5t magnet compris$ (-- 7,a7 an   
alloy ( neodymium1 praseodymium1 iron1  
boron1 t]bium1 or dysprosium1 or  7,b7  
an alloy ( sam>ium1 gadol9ium1 & cobalt4
  7#b7 ,compon5t r>e e>? mat]ial ,! t]m 
compon5t r>e e>? mat]ial means          
neodymium1 praseodymium1 dysprosium1    
t]bium1 sam>ium1 gadol9ium1 & cobalt4   
7#c7 ,unit$ ,/ates & possession ( !     
,unit$ ,/ates ,! t]ms ,unit$ ,/ates &   
possession ( ! ,unit$ ,/ates h ! mean+  
giv5 su* t]ms 9 section #fch4  7#d7     
,manufactur$ ,! t]m manufactur$ means ! 
manufactur+ ( a r>e e>? magnet1 includ+ 
! alloy+1 r$uction1 /rip ca/+1 &        
metallization ( compon5t r>e e>?        
mat]ial4  7#e7 ,non-alli$ =eign nation  
,! t]m non-alli$ =eign nation has !     
mean+ giv5 to ! t]m cov]$ nation 9      

section #becc;c7d7 ( title #aj1 ,unit$  
,/ates ,code4  7e7 ,trade or bus9ess    
requirem5t ,no cr$it %all be all[$ "u   
?is section ) respect to any prop]ty    
unless su* prop]ty is manufactur$ 9 !   
ord9>y c\rse ( a trade or bus9ess ( !   
taxpay]4  7f7 ,elective paym5t =        
production ( r>e e>? magnets  7#a7 ,9   
g5]al ,9 ! case ( a taxpay] mak+ an     
election 7at su* "t & 9 su* mann] z !   
,secret>y may provide7 "u ?is section ) 
respect to any portion ( ! cr$it "u     
subsection 7a71 su* taxpay] %all be     
treat$ z mak+ a paym5t aga9/ ! tax      
impos$ by ?is subtitle = ! taxable ye>  
equal to ! am\nt ( su* portion4  7#b7   
,tim+ ,! paym5t describ$ 9 p>agraph 7#a7
 %all be treat$ z made on ! lat] ( ! due
 date ( ! return ( tax = su* taxable ye>
 or ! date on :i* su* return is fil$4   
7#c7 ,exclusion f gross income ,gross   
income ( ! taxpay] %all be det]m9$ )\t  
reg>d to ?is subsection4  4  7b7 ,cr$it 
,to be "p ( g5]al bus9ess cr$it ,section
 #ch7;b7 ( su* ,code is am5d$ by /rik+  

plus at ! end ( p>agraph 7#cb71 by /rik+
 ! p]iod at ! end ( p>agraph 7#cc7 &    
ins]t+ 1 plus1 & by add+ at ! end !     
foll[+ new p>agraph3  7#cd7 ! cr$it =   
production ( r>e e>? magnets det]m9$ "u 
section #de,u7a74  4  7c7 ,con=m+       
am5dm5t ,! table ( sections = subp>t ,d 
( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su*
 ,code is am5d$ by ins]t+ aft] ! item   
relat+ to section #de,t ! foll[+ new    
item3  ,sec4 #de,u4 ,cr$it = production 
( r>e e>? magnets4  4  7d7 ,effective   
date ,! am5dm5ts made by ?is ,act %all  
apply to taxable ye>s beg9n+ aft]       
,decemb] #ca1 #bjba4