Senator Cortez Masto Advocates for Domestic Rare Earth Magnet Production
Senator Catherine Cortez Masto has introduced the Rare Earth Magnet Security Act, which aims to bolster domestic production of rare-earth magnets by providing a tax credit of $20 per kilogram, increasing to $30 if components are domestically produced or recycled. This initiative is part of a broader bipartisan effort to reduce U.S. reliance on foreign sources, particularly China, which dominates the global market for rare-earth elements. The act has garnered support from the mining industry and aligns with a Democratic strategy to enhance industrial policy through competitive financing and strategic stockpiles. 
