3.0.0 3694 2023-01-11T13:42:42Z 2023-01-11T13:42:42Z Senate S 2020-05-12 116 ssfi00 Finance Committee Senate Standing Referred to 2020-05-12T20:21:17Z ORE Act 116 7812 HR 2020-07-29 Referred to the Subcommittee on Select Revenue Measures. Identical bill CRS RECOVERY Act 116 4537 S 2020-09-08 Read twice and referred to the Committee on Finance. Related bill CRS To amend the Internal Revenue Code of 1986 to permanently allow a tax deduction at the time an investment is made in property used for the mining, reclaiming, or recycling of critical minerals and metals from the United States, and for other purposes. 116 8143 HR 2020-09-10 Referred to the Subcommittee on Energy and Mineral Resources. Related bill CRS 2020-05-12 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2020-05-12 Introduced in Senate IntroReferral 10000 9 Library of Congress C001098 Sen. Cruz, Ted [R-TX] Ted Cruz R TX N Taxation Taxation 00 2020-05-12 Introduced in Senate 2020-06-08T13:53:56Z Onshoring Rare Earths Act of 2020 or the ORE Act

This bill allows permanent expensing of property used in the extraction of certain critical minerals and metals within the United States and of nonresidential real property used in extracting such minerals and metals. Expensing is the treatment of expenditures as operating costs deductible in full in the current taxable year.

The bill allows a new tax deduction for 200% of the cost of purchasing or acquiring such critical minerals and metals extracted from deposits in the United States.

The bill requires the Department of Defense (DOD) to establish a pilot project grant program for the development of critical minerals and metals in the United States. A grant awarded under such program may not exceed $10 million. In awarding grants, DOD must give priority to projects determined to be economically viable over the long term and must allot 30% of grants funds to the secondary recovery of critical minerals and metals.

]]> ORE Act Display Title ORE Act Short Title(s) as Introduced ORE Act Introduced in Senate IS Short Title(s) as Introduced Onshoring Rare Earths Act of 2020 Introduced in Senate IS Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to permanently allow a tax deduction at the time an investment is made in property used to extract critical minerals and metals from the United States, to modify the prohibition on the acquisition of certain sensitive materials from non-allied foreign nations, and for other purposes. Introduced in Senate IS Introduced in Senate 2020-05-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s3694is/xml/BILLS-116s3694is.xml 2020-05-12 Read twice and referred to the Committee on Finance. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.