Critical Mineral and Extraction Tax Parity Act

More tax benefits for mineral producers

This bill would expand the advanced manufacturing production tax credit (the 45X credit) to more minerals. It would add boron, copper, lead, potash, rhenium, silicon, silver, and uranium. It would create a special rule for phosphate that counts only if the phosphate is turned into phosphoric acid, made into elemental phosphorus at least 99% pure, or if phosphate rock is purified to at least 20% phosphorus pentoxide for acid production. The bill would also let certain ore extraction costs count toward the credit if the refiner certifies the ore was refined into the applicable mineral and sold to an unrelated buyer. Those extraction costs would count only for ore mined in the United States, or for ore types not commercially mined in the United States and not mined in a named "foreign country of concern." The bill would repeal a 2.5% reduction that lowered the credit for metallurgical coal. These changes would apply to minerals produced and sold and to costs incurred after December 31, 2025, and the Secretary would be required to issue rules to prevent double-counting.