In Case You Missed It, Senator Catherine Cortez Masto (D-Nev.) introduced bipartisan legislation with Senator Markwayne Mullin (R-Okla.) to support the domestic production of rare-earth magnets, which are critical components of everything from electric vehicles to defense systems like fighter planes and missile guidance.
Democratic Sen. Catherine Cortez Masto of Nevada and Sen. Markwayne Mullin, R-Okla., are introducing legislation to fortify the domestic production of supplies vital for green energy, defense and consumer technologies.
The Rare Earth Magnet Production Tax Credit Act would particularly aim to shore up the domestic supply chain for rare-earth magnets, a key component for electric vehicles (EV), defense technology, computers and cell phones. While roughly 14% of the world’s rare earths were mined in the U.S. last year, according to federal data, 70% were mined in China which controls 90% of global magnet production.
“Over 600 Nevadans already work in the rare-earth mining industry, and my commonsense legislation will help build a domestic supply chain for the recycling and manufacturing of rare-earth magnets, protecting our national security and creating thousands more jobs right here in the U.S.,” [Cortez Masto] said.
Cortez Masto and fellow Democratic Nevada Sen. Jacky Rosen have called for greater mineral production and were critical of a Biden administration report in September recommending regulations that they said would make it harder to bring new mining projects online.
Las Vegas Review Journal: Bill would give tax credits for rare earth magnets made in the U.S.
Sen. Catherine Cortez Masto, D-Nev., reintroduced a bill Thursday aiming to build a domestic supply chain for rare earth magnets.
The Rare Earth Magnet Production Tax Credit Act, introduced alongside Sen. Markwayne Mullin, R-Okla., would provide a $20 per kilogram production tax credit for rare earth magnets made in the United States.
Rare earth magnets are integral components of cellphones, computers, electric vehicles and defense systems, but they are almost exclusively made in China, the statement says. According to the statement, there is currently no manufacturing capacity in the U.S.
“We can’t keep relying on China for components we need to power our defense systems and drive our clean-energy economy,” the senator said in a statement.
Mountain Pass, located about 50 miles southwest of Las Vegas, is the only rare-earth mine in the U.S. Operated by MP Materials, the mine employs about 600 people who live in Nevada, according to Matt Sloustcher, senior vice president of communications and policy for MP Materials.
The Nevada Independent: D.C. Download: Not so rare (to Nevada) earth minerals
Cortez Masto partnered with Sen. Markwayne Mullin (R-OK) on a bill aimed to strengthen the rare-earth magnet supply chain — a potential boon to Nevada, where rare-earth minerals are mined outside of Primm.
Cortez Masto’s bill would create a tax credit at $20 per kilogram of rare-earth magnet manufactured in the U.S., and increase to $30 if the components are produced domestically.
POLITICO: MAGNETIC FORCE… AWAY FROM CHINA
Cortez Masto and Markwayne Mullin (R-Okla.) introduced a bipartisan bill Friday to create a production tax credit for domestically-produced rare earth magnets, which are used in wind turbines and some electric motors, in a bid to wrest supply chains away from China. Reps. Guy Reschenthaler (R-Penn.) and Eric Swalwell(D-Calif.) have put forward a companion bill in the House, H.R. 2849, which was recently endorsed by the Select Committee on the Chinese Communist Party (CPP).