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119-s-4033119th CongressWALLET
Critical Minerals Investment Tax Modernization Act of 2026
Sponsored By: Senator Husted, Jon [R-OH]
Introduced
Summary
Expands the 22 percent percentage depletion deduction to cover the 15 lanthanide rare-earth elements and scandium. This bill would amend the Internal Revenue Code to add rare earths, defined as the 15 lanthanide elements, and scandium to the list of minerals eligible for the 22 percent depletion rate. The change would apply to taxable years beginning after enactment. It makes no other changes to the depletion rules or related tax provisions.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
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.
Sponsors & CoSponsors
Sponsor
Husted, Jon [R-OH]
OH • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov