Magnets Value Chain Support Act of 2026

This bill would create a federal tax credit for companies that make permanent magnets, magnet metals, and separated rare earth oxides in the United States. The credit would range from $5 to $40 per kilogram, depending on the product, its performance, and how much of its input material comes from the U.S. or partner countries. No credit would be allowed for materials made by, sourced from, or sold to a prohibited foreign entity. A second tax credit would let manufacturers claim a percentage of what they spend on U.S.-made magnets used in products such as motors and generators, starting at 15 percent and stepping down over time. Both credits would apply to tax years beginning after 2026 and end after 2038.

Full text and official record on Congress.gov

Sponsors

• John R. Moolenaar Republican sponsor
• 2 cosponsors