Critical Minerals Investment Tax Modernization Act of 2026

Tax break for rare earth miners

This bill would let miners and owners claim a 22% percentage depletion deduction for rare earths and scandium. Rare earths are defined as the 15 lanthanide elements together with scandium. The deduction would equal 22% of qualifying gross income from the property each tax year. It would apply for taxable years beginning after the date of enactment. The bill would only change tax treatment and would not change mining regulations or provide new funding.