Critical Minerals Investment Tax Modernization Act of 2026

[AI summary unavailable — showing source text] [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 …