To amend the Internal Revenue Code of 1986 to designate copper as an applicable critical mineral and to include ore extraction costs for purposes of the advanced manufacturing production credit.
Copper: New Tax Credits for Mining and Production
This bill is currently in the early stages of the legislative process and is being reviewed by the House Committee on Ways and Means. No further actions are scheduled at this time. It is considered active but has not yet moved beyond the committee level.
Legislative Progress
While there is strong interest in securing mineral supplies, most individual tax bills struggle to pass unless they are part of a much larger package.
Key Points
- This bill adds copper to the official list of critical minerals. This change allows companies that produce copper to qualify for federal tax credits meant to support advanced manufacturing in the United States.
- Mining companies would be able to count the money they spend on digging up ore toward their tax credits. Currently, these credits often focus more on the refining process rather than the initial mining.
- To get the tax break, the copper must be mined in the United States or in friendly countries. It specifically blocks companies from getting the credit if the mining happens in countries considered a threat to national security.
- The goal is to make it cheaper to produce copper at home. Copper is a key material for electric vehicles, power lines, and renewable energy, and this bill aims to reduce reliance on foreign suppliers.
- If passed, these changes would apply to any copper produced or mining costs paid after the end of 2025.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
To amend the Internal Revenue Code of 1986 to designate copper as an applicable critical mineral and to include ore extraction costs for purposes of the advanced manufacturing production credit.
Data Sources
Sponsor
Cosponsors
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