“To amend the Internal Revenue Code of 1986 to expand and improve the advanced manufacturing production tax credit.”
No CRS summary available for this bill.
This section expands eligibility for the advanced manufacturing production credit under section 45X by adding the following critical minerals produced and sold after December 31, 2025: boron, copper, lead, metallurgical coal, potash, rhenium, silicon, silver, and uranium, plus phosphate converted to phosphoric acid or high-purity phosphorus or purified to at least 20 percent phosphorus pentoxide. It allows taxpayers extracting ore in the United States (or certain non-foreign-country-of-concern ore not produced domestically in commercial quantities) to treat associated extraction costs as creditable production costs when the ore is refined into an applicable critical mineral and sold to an unrelated person after December 31, 2025. It also repeals the 2.5 percent credit reduction for metallurgical coal for minerals produced and sold after December 31, 2025.