Critical Mineral and Extraction Tax Parity Act

Key Points

• The bill adds nine new minerals, including copper, silver, uranium, lead, boron, potash, rhenium, and silicon, plus phosphate, to the list of critical minerals eligible for the federal advanced manufacturing production tax credit.
• For the first time, companies could count the cost of digging ore out of the ground toward the tax credit, not just the cost of refining it, as long as a refiner certifies the ore was turned into a qualifying mineral and sold.
• To qualify, the ore generally must be extracted in the United States, or if extracted abroad, it cannot come from a country the government has designated as a national security threat.
• The bill eliminates a special lower credit rate that applied only to metallurgical coal used in steelmaking, raising it to match the standard rate given to other minerals.
• If passed, these tax changes would apply retroactively to minerals produced, sold, or extraction costs paid after December 31, 2025.