Critical Minerals Investment Tax Modernization Act of 2026

119 S4033 IS: Critical Minerals Investment Tax Modernization Act of 2026 U.S. Senate 2026-03-10 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. II 119th CONGRESS 2d Session S. 4033 IN THE SENATE OF THE UNITED STATES March 10, 2026 Mr. Husted introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to adjust the percentage depletion rate for certain rare earths, and for other purposes. 1. Short title This Act may be cited as the Critical Minerals Investment Tax Modernization Act of 2026 . 2. Adjustment of percentage depletion rate for certain rare earths (a) 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 . (b) Effective date The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.