Spotlight on American Rare Earths, page-2291

What's interesting is that legislation, which was first introduced in 2021 and is going nowhere, is sponsored by Democratic Rep. Eric Swalwell, who was kicked off the House Intelligence Committee by his fellow Californian, Rep. Kevin McCarthy. And then, you have probably heard what happened to McCarthy. The credit is $30 per kilo if the magnet is "produced" with 90% rare-earth materials from the U.S. But it's $20 per kilo, even if none of the rare earths is U.S.-sourced, as long as it is manufactured here. And it is phased out from 2032 through 2035. Although such credits have been known to be extended at the last minute, it's nothing miners can count on.

And of course, it has nothing to do with military defense. It's all about winning trade wars with China.