This bill changes the Internal Revenue Code in two ways. First, it adds copper to the list of "applicable critical minerals" used in the advanced manufacturing production credit. That change applies to minerals produced and sold after December 31, 2025.
Second, it allows certain ore extraction costs to count as qualifying costs for the advanced manufacturing production credit. An extractor can treat extraction costs as qualifying if the extractor provides the Secretary of the Treasury a certification from the refiner that (1) the ore was refined into an applicable critical mineral, and (2) the refiner sold that mineral to an unrelated buyer in the refiner's trade or business. Extraction costs count only if the ore was extracted in the United States, or if the ore type is not produced in commercial quantities in the United States and the ore was not extracted in a listed "foreign country of concern." The Secretary must issue rules to prevent the same costs from being used more than once. The rule about extraction costs applies to costs incurred after December 31, 2025.
No publicly available information on estimated budgetary effects or changes in tax revenue is included in the bill text. The bill changes which costs can be treated as qualifying for an existing tax credit and sets effective dates for those changes (costs or sales after December 31, 2025). Any administrative costs for issuing certifications or regulations are not specified in the bill text.
No publicly available information.
No publicly available information.