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.

Expanded tax credit for copper production

This bill would let copper qualify for the Section 45X advanced manufacturing production tax credit. Copper would be eligible only if produced and sold after December 31, 2025. The bill would also let extractors count ore extraction costs toward the credit for costs incurred after December 31, 2025. Extractors would need a certification from the ore refiner that the ore was refined into the applicable critical mineral and that the refiner sold that mineral to an unrelated buyer in the refiner's trade or business. Foreign-extracted ore would qualify only if the ore type is not produced in the United States in commercial quantities and the ore was not taken from a "foreign country of concern" as defined in section 10612(a)(1) of the Research and Development, Competition, and Innovation Act. The Secretary would have to issue rules or guidance to prevent any double counting of costs.