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S 4033
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Critical Minerals Investment Tax Modernization Act of 2026

To amend the Internal Revenue Code of 1986 to adjust the percentage depletion rate for certain rare earths, and for other purposes.

Introduced Mar 10, 2026

Latest action (Mar 10, 2026) Read twice and referred to the Committee on Finance.

Referred to
Finance Committee
Policy area
Taxation
Issues
Economy & Taxes

Summary

The bill amends the Internal Revenue Code to allow a 22 percent depletion rate for rare earth elements and scandium. Percentage depletion is a tax deduction that allows companies to account for the gradual exhaustion of mineral deposits through resource extraction. Currently, the 22 percent depletion rate applies to certain minerals including tantalum; this bill adds rare earths (defined as the 15 lanthanide elements) and scandium to the list of minerals eligible for this rate. The amendment applies to taxable years beginning after the bill's enactment, meaning companies mining or extracting these critical minerals would be eligible for the deduction in future tax years.

AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.

Sponsor (1)

Actions (2)
  1. Mar 10, 2026 Read twice and referred to the Committee on Finance. · senate
  2. Mar 10, 2026 Introduced in Senate

Similar bills (6)

Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.

  • HR 4772 — Critical Minerals Investment Tax Modernization Act of 2025 · Introduced Jul 25, 2025 · Cong. 119 74%
  • HR 8780 — Critical Mineral and Extraction Tax Parity Act · Introduced May 13, 2026 · Cong. 119 67%
  • HR 8277 — To amend the Internal Revenue Code of 1986 to designate copper as an applicable critical mineral and to include ore extraction costs for purposes of the advanced manufacturing production credit. · Introduced Apr 14, 2026 · Cong. 119 60%
  • HR 6873 — Geothermal Tax Parity Act · Introduced Dec 18, 2025 · Cong. 119 58%
  • HR 7523 — Spent Petroleum Catalyst Recycling and Critical Minerals and Metals Recovery Exemption Act · Introduced Feb 12, 2026 · Cong. 119 56%
  • HR 6826 — Critical Minerals Independence Act · Introduced Dec 17, 2025 · Cong. 119 56%

Full text

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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