Section 1 Short title
This Act may be cited as the “Critical Minerals Investment Tax Modernization Act of 2026”.
Critical Minerals Investment Tax Modernization Act of 2026
A BILL
To amend the Internal Revenue Code of 1986 to adjust the percentage depletion rate for certain rare earths, and for other purposes.
Sec. 2 Adjustment of percentage depletion rate for certain rare earths
22 percent depletion rate— Section 613(b)(1)(B) of the Internal Revenue Code of 1986 is amended by inserting “rare earths (in this subparagraph defined as the 15 lanthanide elements), scandium,” before “tantalum”.
Effective date— The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.