[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 5330 Introduced in Senate (IS)]
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119th CONGRESS
2d Session
S. 5330
To amend the Internal Revenue Code of 1986 to expand and improve the
advanced manufacturing production tax credit.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
August 6, 2026
Mr. Curtis (for himself and Mr. Daines) introduced the following bill;
which was read twice and referred to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to expand and improve the
advanced manufacturing production tax credit.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Critical Mineral and Extraction Tax
Parity Act''.
SEC. 2. EXPANSION AND IMPROVEMENT OF ADVANCE MANUFACTURING PRODUCTION
TAX CREDIT.
(a) Inclusion of Additional Critical Minerals.--
(1) In general.--Section 45X(c)(6) of the Internal Revenue
Code of 1986 is amended--
(A) in subparagraph (AA), by inserting after clause
(xxv) the following new clauses:
``(xxvi) Boron.
``(xxvii) Copper.
``(xxviii) Lead.
``(xxix) Potash.
``(xxx) Rhenium.
``(xxxi) Silicon.
``(xxxii) Silver.
``(xxxiii) Uranium.'', and
(B) by adding at the end the following new
subparagraph:
``(BB) Phosphate.--Phosphate which is--
``(i) converted to--
``(I) phosphoric acid, or
``(II) phosphorus with a minimum
purity of 99 percent phosphorus by
mass, or
``(ii) phosphate rock purified to a minimum
purity of 20 percent phosphorus pentoxide by
mass suitable for use in the production of
phosphoric acid.''.
(2) Effective date.--The amendments made by this subsection
shall apply to minerals produced and sold after December 31,
2025.
(b) Inclusion of Ore Extraction Costs in Advanced Manufacturing
Production Credit.--
(1) In general.--Section 45X(d) of the Internal Revenue
Code of 1986 is amended--
(A) by redesignating the second paragraph (4), as
added by section 70514(c)(2) of Public Law 119-21, as
paragraph (5), and
(B) by adding at the end the following new
paragraph:
``(6) Extraction costs for critical minerals.--
``(A) In general.--In the case of a taxpayer that
extracts ore that is subsequently refined into an
applicable critical mineral, costs incurred by the
taxpayer with respect to such extraction shall be
treated as costs described in subsection (b)(1)(M) for
purposes of this section if such taxpayer submits to
the Secretary a certification from the refiner of such
ore that--
``(i) such ore has been refined into an
applicable critical mineral, and
``(ii) such refiner sold the applicable
critical mineral to an unrelated person (as
determined pursuant to subsection (a)(3)) and
such sale occurred in a trade or business of
the refiner.
``(B) Certain foreign ore not eligible.--The cost
of extracting ore shall be taken into account under
subparagraph (A) only if--
``(i) such ore was extracted in the United
States, or
``(ii) in the case of ore extracted outside
of the United States--
``(I) the ore is of a type not
extracted in the United States in
commercial quantities, and
``(II) the ore was not extracted in
a foreign country of concern (as
defined in section 10612(a)(1) of the
Research and Development, Competition,
and Innovation Act (42 U.S.C.
19221(a)(1))).
``(C) Regulations preventing double benefit.--The
Secretary shall issue such regulations or guidance as
may be necessary or appropriate to ensure that no costs
which are treated as costs described in subsection
(b)(1)(M) by reason of subparagraph (A) are included,
directly or indirectly, in the costs of production of
any applicable critical mineral by any taxpayer except
as provided by such subparagraph.''.
(2) Effective date.--The amendments made by this subsection
shall apply to costs incurred after December 31, 2025.
(c) Repeal of Reduction in Credit Amount for Metallurgical Coal.--
(1) In general.--Section 45X(b)(1)(M) of the Internal
Revenue Code of 1986 is amended by striking ``(2.5 percent in
the case of metallurgical coal)''.
(2) Effective date.--The amendment made by this subsection
shall apply to minerals produced and sold after December 31,
2025.
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