S4033Referred to Committee
Critical Minerals Investment Tax Modernization Act of 2026
Introduced
In Committee
3
Passed One Chamber4
Passed Both5
Signed into Law119th
Congress
2026-03-10
Introduced
0
Cosponsors
S
ⓘType
Sponsor
Jon Husted
Republican · OH · Senator
Votes with party: 34.2% (319 recorded votes)
Full profile: /officials/H001104
Source: Congress.gov · FEC
Cosponsors (0)
Members who have signed on to support this bill since introduction. Source: Congress.gov.
No cosponsors on record. Bills can pass without cosponsors — this often means the sponsor introduced the bill alone, either because it's a messaging bill, a chairman's mark, or simply early in the legislative cycle.
Latest Action
The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →
Plain-English Summary
This bill would update tax rules to encourage companies to invest in mining and processing critical minerals like lithium, cobalt, and rare earths that are essential for batteries, electronics, and defense equipment. The changes likely include tax credits or deductions to make it more profitable for businesses to develop domestic sources of these materials rather than relying on imports. The goal is to strengthen America's supply chain for minerals needed in clean energy and technology while reducing dependence on foreign suppliers.
AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.
Subjects
Taxation
Full Bill Text
Verbatim text published on Congress.gov via GovInfo. Use Cmd+F / Ctrl+F to search within this excerpt.
[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4033 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 4033 To amend the Internal Revenue Code of 1986 to adjust the percentage depletion rate for certain rare earths, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES March 10, 2026 Mr. Husted 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 adjust the percentage depletion rate for certain rare earths, and for other purposes. 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 Minerals Investment Tax Modernization Act of 2026''. SEC. 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. <all>
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