Bill Sponsor
Senate Bill 3694
116th Congress(2019-2020)
ORE Act
Introduced
Introduced
Introduced in Senate on May 12, 2020
Overview
Text
Sponsor
Introduced
May 12, 2020
Latest Action
May 12, 2020
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3694
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
Republican
Texas
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

Onshoring Rare Earths Act of 2020 or the ORE Act

This bill allows permanent expensing of property used in the extraction of certain critical minerals and metals within the United States and of nonresidential real property used in extracting such minerals and metals. Expensing is the treatment of expenditures as operating costs deductible in full in the current taxable year.

The bill allows a new tax deduction for 200% of the cost of purchasing or acquiring such critical minerals and metals extracted from deposits in the United States.

The bill requires the Department of Defense (DOD) to establish a pilot project grant program for the development of critical minerals and metals in the United States. A grant awarded under such program may not exceed $10 million. In awarding grants, DOD must give priority to projects determined to be economically viable over the long term and must allot 30% of grants funds to the secondary recovery of critical minerals and metals.

Text (1)
Actions (2)
05/12/2020
Read twice and referred to the Committee on Finance.
05/12/2020
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:42:42 PM