This bill expands the federal tax credit for advanced manufacturing of critical minerals by adding eight new minerals to the program, including boron, copper, lead, potash, rhenium, silicon, silver, and uranium, as well as phosphate meeting certain purity standards. The legislation also allows companies that extract ore to claim tax credits for their extraction costs if the ore is refined into applicable critical minerals, provided the ore was extracted in the United States or is a type not commercially extracted domestically and comes from countries not designated as foreign concerns. Additionally, the bill removes a previous reduction in tax credits for metallurgical coal, treating it the same as other covered minerals. These changes take effect for minerals produced and sold after December 31, 2025, and are intended to support domestic critical mineral production and processing. The bill affects mining companies, mineral refiners, and manufacturers involved in producing these materials domestically.
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