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.