119 S4033 IS: Critical Minerals Investment Tax Modernization Act of 2026 U.S. Senate 2026-03-10 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.

II119th CONGRESS2d SessionS. 4033IN THE SENATE OF THE UNITED STATESMarch 10, 2026Mr. Husted introduced the following bill; which was read twice and referred to the Committee on FinanceA 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 2026.

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.