119 HR 4772 IH: Critical Minerals Investment Tax Modernization Act of 2025 U.S. House of Representatives 2025-07-25 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I119th CONGRESS1st SessionH. R. 4772IN THE HOUSE OF REPRESENTATIVESJuly 25, 2025Mr. Smith of Nebraska (for himself, Mr. Panetta, and Mr. Reschenthaler) introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to adjust the percentage depletion rate for certain rare earths, and for other purposes.

1.

Short title

This Act may be cited as the Critical Minerals Investment Tax Modernization Act of 2025.

2.

Adjustment of percentage depletion rate for certain rare earths

(a)

22 percent depletion rate

Section 613(b)(1)(B) of the Internal Revenue Code of 1986 is amended by inserting rare earths (in this subparagraph defined as the 15 lanthanide elements), scandium, before tantalum. (b)

Effective date

The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.