US Congress Senate Bill 3694 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on May 12 2020 - 25% progression, died in committee
Action: 2020-05-12 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Allows permanent expensing of property used in the extraction of certain critical minerals and metals within the United States and of nonresidential real property used in extracting 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 minerals and metals extracted from deposits in the United States. The bill requires the Department of Defense (DOD) to establish a pilot project grant program for the development of critical minerals and metals in the United States. A grant awarded under such program may not exceed $10 million. In awarding grants, DOD must give priority to projects determined to be economically viable over the long term and must allot 30% of grants funds to the secondary recovery of critical minerals and metals.

ORE Act Onshoring Rare Earths Act of 2020

Sen. Ted Cruz [R-TX]

Date	Chamber	Action
2020-05-12	Senate	Read twice and referred to the Committee on Finance.

HB7812 (Same As) 2020-07-29 - Referred to the Subcommittee on Select Revenue Measures.
SB4537 (Related) 2020-09-08 - Read twice and referred to the Committee on Finance.
HB8143 (Related) 2020-09-10 - Referred to the Subcommittee on Energy and Mineral Resources.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/3694/all-info
Text	https://www.congress.gov/116/bills/s3694/BILLS-116s3694is.pdf