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- H.R.2688
H.R.2688: To amend the Internal Revenue Code of 1986 to permanently allow a tax deduction for the mining, reclaiming, or recycling of critical minerals and metals from the United States, and to support the development of domestic supply chains for rare earth elemen
About This Bill
- Introduced April 20, 2021
- Latest Major Action June 11, 2021
Bill Sponsor
Bill Cosponsors
6 (3 Democrats, 3 Republicans)
Bill Version
- Introduced in House - April 20, 2021
Bill Summary
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...
(Source: Library of Congress)
Bill Actions
| Date | Description |
|---|---|
| June 11, 2021 |
Referred to the Subcommittee on Energy and Mineral Resources.
|
| April 20, 2021 |
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.
|
| April 20, 2021 |
Introduced in the House by Lance Gooden (R-Texas) |