Search Results for keywords:"elective payment"

Search Results: keywords:"elective payment"

H. R. 7903 — To amend the Internal Revenue Code of 1986 to allow elective payment of applicable credits to bona fide residents of and entities organized under the laws of Puerto Rico.
April 09, 2024
Status:Introduced in House
Congress:118
Words:376
H.R. 7903 aims to modify the Internal Revenue Code of 1986 to allow certain credits to be paid to residents and entities in Puerto Rico. Specifically, it changes the tax code so that public entities, non-profit organizations, and electric cooperatives in Puerto Rico can receive elective...
Simple Explanation
This new rule wants to make sure people and groups in Puerto Rico can get some money back for special projects, just like in the rest of the U.S., even if their projects are mostly in places like Puerto Rico itself.
S. 3521 — To amend the Internal Revenue Code of 1986 to establish a credit for the domestic production of rare earth magnets, and for other purposes.
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December 14, 2023
Status:Introduced in Senate
Congress:118
Words:1,435
The bill, titled the "Rare Earth Magnet Manufacturing Production Tax Credit Act of 2023," aims to modify the Internal Revenue Code to offer a tax credit for producing rare earth magnets within the United States. It allows a credit of $20 per kilogram for magnets produced, increasing to $30 if...
Simple Explanation
The bill wants to give money back to companies that make special magnets in the USA, especially if they use materials from America, but this will get smaller over time. It's like giving a bonus to encourage them to make more things here instead of from far-away places we don't work with as much.

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