[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4772 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 4772

  To amend the Internal Revenue Code of 1986 to adjust the percentage 
    depletion rate for certain rare earths, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 25, 2025

Mr. Smith of Nebraska (for himself, Mr. Panetta, and Mr. Reschenthaler) 
 introduced the following bill; which was referred to the Committee on 
                             Ways and Means

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                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to adjust the percentage 
    depletion rate for certain rare earths, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Critical Minerals Investment Tax 
Modernization Act of 2025''.

SEC. 2. ADJUSTMENT OF PERCENTAGE DEPLETION RATE FOR CERTAIN RARE 
              EARTHS.

    (a) 22 Percent Depletion Rate.--Section 613(b)(1)(B) of the 
Internal Revenue Code of 1986 is amended by inserting ``rare earths (in 
this subparagraph defined as the 15 lanthanide elements), scandium,'' 
before ``tantalum''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after the date of the enactment of this Act.
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