The Magnets Value Chain Support Act, bipartisan legislation introduced by Chairman
@RepMoolenaar and Ranking Member
@RepRoKhanna, would create tax credits for the entire magnet supply chain and incentivize magnet production in America.
Magnets are in motors, generators, industrial robotics, guided munitions, advanced defense platforms, and much more. Worldwide permanent magnet demand is projected to more than double by 2035, and China produces more than 90 percent of the world's rare earth permanent magnets. This legislation will help create a secure supply chain for American magnets.