NioCorp Teams With Industry Alliance to Urge Congressional...

NioCorp Teams With Industry Alliance to Urge Congressional Approval of Tax Incentives for Permanent Rare Earth Magnets Made in the U.S.

CENTENNIAL, Colo., Aug. 30, 2021 /PRNewswire/ -- NioCorp Developments Ltd. ("NioCorp" or the "Company") (TSX:NB) (OTCQX:NIOBF) joined with a group of rare earth industry players to urge the U.S. Congress to approve bipartisan legislation in order to provide tax incentives for U.S. manufacturing of permanent rare earth magnets in the United States.

In a letter delivered to the Democrat and Republican leaders in the U.S. House of Representatives, the industry coalition urged support for HR 5033, cosponsored by Reps. Eric Swalwell (CA-15) and Guy Reschenthaler (PA-14), and urged that its provisions be added to pending federal infrastructure legislation. The bill would create a $20 per kilogram production tax credit for magnets that are manufactured in the U.S., or $30 per kilogram for magnets that are both manufactured in the United States and for which all component rare earth material is produced and recycled or reclaimed wholly within the United States. To be eligible, the rare earth magnets may not include any component rare earth magnet material produced in non-allied foreign nations, such as China, Iran, North Korea, and Russia.

https://www.prnewswire.com/news-releases/niocorp-teams-with-industry-alliance-to-urge-congressional-approval-of-tax-incentives-for-permanent-rare-earth-magnets-made-in-the-us-301365500.html