,,ii  #aah? ,,congress  #a/ ,session    
,s4 #ceba  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #ad1 #bjbc,ms4
 ,cortez ,ma/o 7= h]self & ,mr4 ,mull97 
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,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$it ,act ( #bjbc4  #b4 ,cr$it = 
production ( r>e e>? magnets  7a7 ,9    
g5]al ,subp>t ,d ( "p ,,iv ( sub*apt] ,a
 ( *apt] #a ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ by add+ aft] section    
#de;,,aa ! foll[+3  #de;,,bb4 ,cr$it =  
production ( r>e e>? magnets  7a7 ,9    
g5]al  7#a7 ,all[ance ( cr$it ,=        
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 ( ! cr$it am\nts   
det]m9$ "u subsection 7b7 ) respect to  

r>e e>? magnets :i* are-- 7,a7          
manufactur$ or produc$ by ! taxpay]1 &  
7,b7 sold by su* taxpay] to an unrelat$ 
p]son dur+ ! taxable ye>4  7#b7         
,unrelat$ p]son  7,a7 ,9 g5]al ,=       
purposes ( ?is subsection1 a taxpay]    
%all be treat$ z sell+ r>e e>? magnets  
to an unrelat$ p]son if su* magnet is   
sold to su* p]son by a p]son relat$ to !
 taxpay]4  7,b7 ,election  7i7 ,9 g5]al 
,at ! election ( ! taxpay] 79 su* =m &  
mann] z ! ,secret>y may prescribe71 a   
sale ( r>e e>? magnets by su* taxpay] to
 a relat$ p]son %all be deem$ to h be5  
made to an unrelat$ p]son4  7ii7        
,requirem5t ,z a condition (1 & prior   
to1 any election describ$ 9 clause 7i71 
! ,secret>y may require su* in=mation or
 regi/ration z ! ,secret>y deems        
necess>y = purposes ( prev5t+           
duplication1 fraud1 or any improp] or   
excessive am\nt det]m9$ "u p>agraph     
7#a74  7b7 ,cr$it am\nt  7#a7 ,9 g5]al  
,! am\nt det]m9$ "u ?is subsection is-- 
7,a7 #bj p] kilogram ( r>e e>? magnets  

manufactur$ or produc$ 9 ! ,unit$ ,/ates
 by ! taxpay] dur+ ! taxable ye> :i* are
 n describ$ 9 subp>agraph 7,b71 &  7,b7 
#cj p] kilogram ( r>e e>? magnets       
manufactur$ or produc$ 9 ! ,unit$ ,/ates
 by ! taxpay] dur+ ! taxable ye> if n   
less ?an #ij p]c5t ( ! compon5t r>e e>? 
mat]ials ( su* magnets are produc$ )9 ! 
,unit$ ,/ates4  7#b7 ,phase-,out  7,a7  
,9 g5]al ,9 ! case ( any r>e e>? magnet 
manufactur$ or produc$ aft] ,decemb]    
#ca1 #bjcb1 ! am\nt det]m9$ "u ?is      
subsection ) respect to su* r>e e>?     
magnet %all be equal to ! product (--   
7i7 ! am\nt det]m9$ "u p>agraph 7#a7 )  
respect to su* r>e e>? magnet1 z det]m9$
 )\t reg>d to ?is subsection1 multipli$ 
by  7ii7 ! phase-out p]c5tage describ$ 9
 subp>agraph 7,b74  7,b7 ,phase-out     
p]c5tage ,! phase-out p]c5tage describ$ 
9 ?is p>agraph is-- 7i7 9 ! case ( any  
r>e e>? magnet manufactur$ or produc$ 9 
cal5d> ye> #bjcc1 #gj p]c5t1  7ii7 9 !  
case ( any r>e e>? magnet manufactur$ or
 produc$ 9 cal5d> ye> #bjcd or #bjce1   

#ce p]c5t1 or  7iii7 9 ! case ( any r>e 
e>? magnet manufactur$ or produc$ aft]  
,decemb] #ca1 #bjce1 #j p]c5t4  7c7     
,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 
iron1 & boron1 :i* may also include     
praseodymium1 t]bium1 or dysprosium1 or 
7,b7 an alloy ( sam>ium & cobalt1 :i*   
may also include gadol9ium or any       
associat$ ho/ m9]al ( a compon5t r>e e>?
 mat]ial4  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 ,manufactur$ ,! t]m     
manufactur$ means ! manufactur+ ( a r>e 
e>? magnet1 includ+ ! alloy+1 r$uction1 
/rip ca/+1 mill+1 s9t]+1 recycl+1       
press+1 & metallization ( compon5t r>e  
e>? mat]ial4  7#d7 ,non-alli$ =eign     
nation ,! t]m non-alli$ =eign nation has
 ! mean+ giv5 to ! t]m cov]$ nation 9   
section #dhgb7;d7 ( title #aj1 ,unit$   

,/ates ,code4  7#e7 ,unit$ ,/ates &     
possession ( ! ,unit$ ,/ates ,! t]ms    
,unit$ ,/ates & possession ( ! ,unit$   
,/ates h ! mean+ giv5 su* t]ms 9 section
 #fch4  7d7 ,special rules  7#a7        
,re/riction on compon5t s\rc+ ,no cr$it 
%all be all[$ "u ?is section ) respect  
to a r>e e>? magnet if any compon5t r>e 
e>? mat]ial us$ to manufacture or       
produce su* magnet is produc$ 9 a       
non-alli$ =eign nation4  7#b7 ,trade or 
bus9ess requirem5t ,no cr$it %all be    
all[$ "u ?is section ) respect to a r>e 
e>? magnet unless su* magnet is         
manufactur$ or produc$ 9 ! ord9>y c\rse 
( a trade or bus9ess ( ! taxpay]4  7e7  
,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 subsection ) respect to any portion 
( ! cr$it all[$ "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*      

portion ( ! cr$it4  7#b7 ,tim+ ,! paym5t
 describ$ 9 p>agraph 7#a7 %all be treat$
 z made on ! lat] ( ! due date ( !      
return ( tax = ! taxable ye> or ! date  
on :i* su* return is fil$4  4  7b7      
,cr$it ,to be "p ( g5]al bus9ess cr$it  
,section #ch7;b7 ( ! ,int]nal ,rev5ue   
,code ( #aihf is am5d$ by /rik+ plus at 
! end ( p>agraph 7#dj71 by /rik+ ! p]iod
 at ! end ( p>agraph 7#da7 & ins]t+ 1   
plus1 & by add+ at ! end ! foll[+ new   
p>agraph3  7#db7 ! cr$it = production ( 
r>e e>? magnets det]m9$ "u section      
#de;,,bb7a74  4  7c7 ,con=m+ am5dm5t ,! 
table ( sections = subp>t ,d ( "p ,,iv (
 sub*apt] ,a ( *apt] #a ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 aft] ! item relat+ to section #de;,,aa 
! foll[+ new item3  ,sec4 #de;,,bb4     
,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 #bjbc4