ORE Act
Latest action · May 12, 2020 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 12, 2020
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Onshoring Rare Earths Act of 2020 or the ORE Act
This bill allows permanent expensing of property used in the extraction of certain critical minerals and metals within the United States and of nonresidential real property used in extracting such minerals and metals. Expensing is the treatment of expenditures as operating costs deductible in full in the current taxable year.
The bill allows a new tax deduction for 200% of the cost of purchasing or acquiring such critical minerals and metals extracted from deposits in the United States.
The bill requires the Department of Defense (DOD) to establish a pilot project grant program for the development of critical minerals and metals in the United States. A grant awarded under such program may not exceed $10 million. In awarding grants, DOD must give priority to projects determined to be economically viable over the long term and must allot 30% of grants funds to the secondary recovery of critical minerals and metals.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- May 12, 2020Introduced in Senate
- May 12, 2020Read twice and referred to the Committee on Finance.
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 4537 | RECOVERY Act | Related bill | Sep 8, 2020 |
| HR 7812 | ORE Act | Identical bill | Jul 29, 2020 |
| HR 8143 | To amend the Internal Revenue Code of 1986 to permanently allow a tax deduction at the time an investment is made in property used for the mining, reclaiming, or recycling of critical minerals and metals from the United States, and for other purposes. | Related bill | Sep 10, 2020 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- May 12, 2020Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.