The U.S. depends heavily on China for its supply of rare earth elements (REE) vital in the manufacture of solar panels, windmills, electric car batteries, cellphones, computers, national defense systems, medical equipment, and even in oil and gas technologies.Luckily, the U.S. political class appears to be up to the challenge of boosting local REE production.Last week, U.S. Congress introduced a bipartisan bill that would provide tax credits for the domestic production of permanent rare earth magnets.Democratic representative Eric Swalwell and his Republican counterpart Guy Reschenthaler introduced the “Rare Earth Magnet Manufacturing Production Tax Credit Act,” that would give a tax credit of $20 per kilogram of rare earth magnet produced domestically, with the tax credit increasing to $30 per kilogram if all rare earth material used are produced or recycled in the country. QUOTE ARR in the right precinct to succeed IMO.
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