H.R.6630 - Securing America's Critical Minerals Supply Chain Act116th Congress (2019-2020) |
|Sponsor:||Rep. Stauber, Pete [R-MN-8] (Introduced 04/28/2020)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 04/28/2020 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.6630 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (04/28/2020)
Securing America's Critical Minerals Supply Chain Act
This bill allows a new tax deduction for 10% of the cost of specified domestically-produced materials if such materials are acquired directly from the domestic smelter or processor of the materials. The bill defines specified domestically-produced materials as materials that are smelted or processed in the United States by direct smelting of ore, from a mine product, by a taxpayer in the trade or business of smelting or processing such materials.
The term specified material includes minerals necessary for national defense and security, for U.S. energy infrastructure, for community resiliency, to support domestic manufacturing, agriculture, housing, telecommunications, healthcare, and transportation infrastructure, or for U.S. economic security and balance of trade. The term does not include fuel minerals, water, ice, or snow, or sand, stone, gravel, pumice, pumicite, cinders, or clay.