This bill changes the tax rules for companies that extract certain rare earth minerals. It sets a 22% “percentage depletion” rate for these minerals, which means those companies can deduct a larger share of the minerals’ value from their taxable income. The change would apply starting with tax years that begin after the bill becomes law.

Key points:

• Who is affected: Companies that produce certain rare earth minerals.
• What changes: A 22% percentage depletion rate for these minerals, increasing the size of the tax deduction tied to what is mined.
• When: For tax years beginning after the date the bill is enacted.