A Democrat in the U.S. House of Representatives introduced legislation on Tuesday extending tax credits to companies that domestically produce rare earth magnets, a sector currently dominated by China.
The bill is the latest in a string of U.S. legislation attempting to cobble together a national strategy to produce more lithium, rare earths and other so-called strategic minerals used to make electric vehicles , weaponry and electronics.
The bill sets up a $20 per kilogram credit for neodymium iron boron magnets made in the United States, with the credit growing to $30 per kilogram for magnets made with rare earths sourced from American mines. Rare earths are 17 metals that are difficult and costly to mine and process cleanly. MP Materials Corp's
The credit would be a boost to MP, which has said it aims to produce magnets at some point in the country, as well as privately held USA Rare Earth and other domestic projects.
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