H.R. 1496 proposes amendments to the Internal Revenue Code of 1986 to create a tax credit for businesses that produce high-performance rare earth magnets within the U.S. The bill defines these magnets and sets credit amounts based on the proportion of materials sourced within...
Simple Explanation
H.R. 1496 is a proposal to give money back to companies in the U.S. that make special magnets by using materials mainly from the U.S., but it has some rules to make sure they're not doing anything tricky and to keep things fair.