Federal RuleAug 21
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RuleLabor DepartmentFederal Contract Compliance Programs OfficeSignificant Wallet
119-hr-4772119th CongressWALLET
Critical Minerals Investment Tax Modernization Act of 2025
Sponsored By: Representative Smith, Adrian [R-NE-3]
Introduced
Summary
Expands the 22% percentage depletion deduction to cover rare earth elements and scandium. This bill would add the 15 lanthanide elements and scandium to the list of minerals eligible for the 22% depletion rate in section 613(b)(1)(B) of the Internal Revenue Code, and the change would apply to taxable years beginning after the date of enactment.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
22% depletion for rare earth and scandium miners
If enacted, miners who produce rare earths or scandium could claim a 22% percentage depletion deduction. The deduction would be 22% of gross income from the property for that production. For this rule, "rare earths" would mean the 15 lanthanide elements. This would apply to tax years that start after the date the bill is enacted.
Sponsors & CoSponsors
Sponsor
Smith, Adrian [R-NE-3]
NE • R
Cosponsors
Rep. Panetta, Jimmy [D-CA-19]
CA • D
Sponsored 7/25/2025
Rep. Reschenthaler, Guy [R-PA-14]
PA • R
Sponsored 7/25/2025
Rep. Vindman, Eugene Simon [D-VA-7]
VA • D
Sponsored 10/3/2025
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov