I 
119TH CONGRESS 
1ST SESSION H. R. 4350 
To establish a loan program to expand capabilities to manufacture critical 
materials to secure the United States supply chain, to amend the Internal 
Revenue Code of 1986 to provide credits for qualified investments into 
critical material facilities and production credits for manufacturing crit-
ical materials, and to authorize cross-cutting research, development, and 
demonstration activities relating to critical material supply chains, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 10, 2025 
Ms. STEVENS (for herself and Mr. CLYBURN) introduced the following bill; 
which was referred to the Committee on Ways and Means, and in addi-
tion to the Committees on Energy and Commerce, Natural Resources, 
Education and Workforce, and Science, Space, and Technology, for a pe-
riod to be subsequently determined by the Speaker, in each case for con-
sideration of such provisions as fall within the jurisdiction of the com-
mittee concerned 
A BILL 
To establish a loan program to expand capabilities to manu-
facture critical materials to secure the United States 
supply chain, to amend the Internal Revenue Code of 
1986 to provide credits for qualified investments into 
critical material facilities and production credits for man-
ufacturing critical materials, and to authorize cross-cut-
ting research, development, and demonstration activities 
relating to critical material supply chains, and for other 
purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Unearth America’s Future Act’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
TITLE I—RESILIENT EXPANSION OF STRATEGIC INDUSTRIES 
Sec. 101. Sense of Congress. 
Sec. 102. National center for secure and transparent critical material supply 
chains. 
Sec. 103. Loan program for resilient critical material supply chains. 
Sec. 104. Required collaboration. 
Sec. 105. Material supply chain public-private partnership. 
Sec. 106. Authorization of appropriations. 
Sec. 107. Termination. 
Sec. 108. Definitions. 
TITLE II—CRITICAL MATERIAL TAX CREDITS 
Sec. 201. Critical material investment tax credit. 
Sec. 202. Critical material production tax credit. 
Sec. 203. Consultation. 
TITLE III—CRITICAL MATERIAL RESEARCH AND DEVELOPMENT 
Sec. 301. Clarifying mining research at the National Science Foundation. 
Sec. 302. Clarifying mining research at the Department of Energy. 
Sec. 303. Critical materials research and development. 
Sec. 304. Critical material standards and metrology. 
Sec. 305. Critical materials demonstration. 
Sec. 306. Definitions. 
TITLE I—RESILIENT EXPANSION 
OF STRATEGIC INDUSTRIES 
SEC. 101. SENSE OF CONGRESS. 
It is the sense of Congress that the Secretary of Com-
merce, in consultation with the Secretary of State, should 
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carry out the actions and collaborations authorized by this 
title in a manner that— 
(1) strengthens the security and resiliency of 
the critical material supply chain for the national, 
energy, and economic security of the United States, 
including through— 
(A) prioritizing expanded domestic capa-
bilities; and 
(B) expanding foreign capabilities to sup-
port such expanded domestic capabilities; 
(2) promotes innovative technologies, materials, 
and techniques to create secure supply chains while 
preventing environmental degradation; 
(3) supports industrial decarbonization through-
out the supply chain; 
(4) defends worker rights through strong work-
place protections, including through neutrality agree-
ments, and removes human rights violations across 
the supply chain; 
(5) supports community engagement and con-
sultation to prevent disenfranchisement and other 
environmental injustices from occurring; and 
(6) grows the economic strength and bolsters 
the leadership of the manufacturing sector of the 
United States, including its workforce. 
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SEC. 102. NATIONAL CENTER FOR SECURE AND TRANS-
PARENT 
CRITICAL 
MATERIAL 
SUPPLY 
CHAINS. 
(a) ESTABLISHMENT.—The Secretary of Commerce, 
in consultation with the Secretary of State, and through 
the collaboration required under section 104, shall estab-
lish a national center (in this title referred to as the ‘‘Cen-
ter’’) in the Department of Commerce to support the secu-
rity and resilience of the critical material supply chain by 
advancing policy recommendations, best practices, and 
other activities to create a critical material supply chain 
with the following characteristics: 
(1) Security and resiliency against supply chain 
disruptions. 
(2) Environmental sustainability. 
(3) Workforce security and safety. 
(4) Innovativeness. 
(b) FUNCTIONS.—The functions of the Center shall 
be as follows: 
(1) To study and report on emerging trends, 
opportunities, and challenges of the critical material 
supply chain to provide the Federal Government a 
robust understanding of such supply chain, includ-
ing— 
(A) market dynamics; 
(B) pricing and availability dynamics; and 
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(C) transparency and traceability. 
(2) To study, report, and provide recommenda-
tions to the Federal Government on current and fu-
ture policies that the United States and the partners 
and allies of the United States should evaluate to 
promote the security and resilience of the critical 
material supply chain. 
(3) To promote environmental sustainability in 
the critical material supply chain by— 
(A) disseminating information on relevant 
best practices; and 
(B) providing technical assistance and 
other resources, as determined by the head of 
the Center as appropriate and not duplicative of 
other technical assistance and resources pro-
vided by the Federal Government, to such in-
dustry to support the adoption of— 
(i) environmental protection practices, 
including the use of emerging technologies, 
to prevent environmental degradation with-
in extraction processes; 
(ii) industrial decarbonization prac-
tices; 
(iii) innovative downstream applica-
tions of critical materials, including quali-
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fied substitutes to decrease reliance on 
supply chains vulnerable to foreign disrup-
tions; and 
(iv) practices that improve the ability 
of critical materials to be recycled and re-
used to support circular economies (as de-
fined in section 2 of the Save Our Seas 2.0 
Act (33 U.S.C. 4201)). 
(4) To strengthen the workforce for the critical 
material supply chain industry, including through 
education and workforce pathways and the dissemi-
nation of best practices, in collaboration with the 
Secretary of Labor, that ensure wage rates are de-
termined by free bargaining between labor and man-
agement. 
(5) To strengthen the innovation ecosystem re-
lated to the critical material supply chain industry. 
(6) To collaborate with allies of the United 
States to support the development of resilient supply 
chains for critical materials, including through cre-
ating innovative partnerships with such allies and 
other organizations. 
(c) STUDY PUBLICATION.—The head of the Center 
shall make publicly available on a website of the Center 
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each report created by the Center pursuant to paragraph 
(1) or (2) of subsection (b). 
SEC. 103. LOAN PROGRAM FOR RESILIENT CRITICAL MATE-
RIAL SUPPLY CHAINS. 
(a) ESTABLISHMENT.—Not later than 1 year after 
the date of the enactment of this Act and subject to the 
availability of appropriations, the Secretary of Commerce, 
acting through the head of the Center and in consultation 
with the Secretary of State and in collaboration with the 
heads of the Federal agencies and departments described 
in section 104(a), shall establish a program to make or 
guarantee loans made to covered entities to acquire, estab-
lish, or enhance facilities related to developing domestic 
and foreign critical material manufacturing capabilities 
for the national, energy, and economic security of the 
United States. 
(b) ELIGIBILITY.—A covered entity shall be eligible 
for a loan made or guaranteed under this section if the 
covered entity meets each of the following criteria: 
(1) The covered entity has a specific plan to use 
such loan for constructing, expanding, modernizing, 
or repurposing a facility, including the acquisition of 
relevant specialized equipment or a facility manufac-
turing such relevant specialized equipment, in the 
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United States or in a foreign country of interest, for 
critical material manufacturing. 
(2) The covered entity has an executable plan 
that supports resilient supply chains for the na-
tional, energy, and economic security of the United 
States, including by identifying— 
(A) the type of critical material, including 
qualified substitute and byproducts, the covered 
entity will produce at the facility described in 
paragraph (1); 
(B) the customers or categories of cus-
tomers, to which the covered entity plans to sell 
the critical materials so produced; 
(C) the benefit of such planned sales to the 
security and resilience of the critical material 
supply chain within the United States, includ-
ing consideration of any secondary effects 
strengthening a relevant supply chain with an 
allied country; and 
(D) the risks to the supply chains of crit-
ical materials for the facility described in para-
graph (1) with respect to which the covered en-
tity is seeking a loan or loan guarantee under 
this section that the covered entity must miti-
gate, including risks associated with access, 
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availability, confidentiality, integrity, trans-
parency, and any lack of geographic diversifica-
tion in such critical material supply chains. 
(3) The covered entity and the operation of the 
proposed facility will support and expand existing 
actions taken by the United States Government, in-
cluding through the Department of Defense and the 
Department of Energy, to strengthen the resiliency 
of the critical material supply chain. 
(4) The covered entity— 
(A) can operate the facility on an ongoing 
basis, in accordance with subparagraphs (A), 
(B), and (C) of paragraph (2), without depend-
ing on additional Federal assistance; 
(B) can reasonably repay such loan; and 
(C) meets such other standards for finan-
cial health as determined appropriate by the 
Secretary. 
(5) The covered entity— 
(A) will not use funds received under such 
loan with respect to activities or operations lo-
cated in a foreign country of concern or a non-
market economy country; 
(B) is not organized under the laws of a 
foreign country of concern or a nonmarket 
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economy country or of any jurisdiction within 
such a country; 
(C) is not owned, controlled, or operated 
by a foreign entity of concern; 
(D) is not otherwise in a partnership or as-
sociation with a foreign entity of concern; and 
(E) is not engaged in any joint research or 
technology licensing effort for any innovative 
technology, material, or technique for the crit-
ical material supply chain with a foreign entity 
of concern or a foreign country of concern. 
(6) The covered entity has a specific plan to fol-
low existing procurement policies as implemented by 
the core jobs mandate in section 2(a)(1) of the Ex-
port-Import 
Bank 
Act 
of 
1945 
(12 
U.S.C. 
635(a)(1)). 
(c) ADDITIONAL CONSIDERATIONS FOR REVIEW.—In 
determining whether to make or guarantee a loan to a cov-
ered entity under this section with respect to a facility de-
scribed in subsection (b)(1), the Secretary shall consider— 
(1) whether the covered entity has an execut-
able plan with respect to such facility to carry out— 
(A) development of the local workforce by 
creating and expanding educational and work-
force pathways, including pathways developed 
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through engagement with relevant local entities 
in the community in which such facility is or 
will be located; and 
(B) to the greatest extent possible, envi-
ronmental sustainability initiatives, including 
the use of a relevant industrial decarbonization 
practice or environmentally benign mining prac-
tices, as appropriate to such facility; and 
(2) with respect to a covered entity seeking a 
loan made or guaranteed for a facility located in a 
foreign country of interest, such additional factors 
as the Secretary, in consultation with the Secretary 
of State and the United States Trade Representa-
tive, may determine necessary to ensure that— 
(A) the covered entity will not use forced 
or child labor or use other practices that create 
unduly dangerous workplace conditions that are 
not consistent with the laws of the United 
States; 
(B) the covered entity will meet or exceed 
United States permissible air and water quality 
standards as defined under section 101 of the 
Clean Air Act (42 U.S.C. 7401) and section 
101 of the Federal Water Pollution Control Act 
(33 U.S.C. 1251), and, to the greatest extent 
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possible, prevent environmental degradation re-
lated to the construction and operation of the 
facility, including through the use of relevant 
industrial decarbonization practices and envi-
ronmentally benign mining practices; 
(C) the covered entity is not subject to cov-
ered trade action; and 
(D) the facility will not be located in a for-
eign country of concern or a nonmarket econ-
omy country or be associated with a foreign en-
tity of concern, including through existing or 
future partnerships between the covered entity 
and any foreign entity of concern or an associ-
ated subsidiary. 
(d) EXPEDITED REVIEW.—The Secretary may waive 
subsection (c) with respect to a loan guarantee under this 
section for a loan with respect to a facility described in 
subsection (b)(1) if such facility is located within the 
United States. 
(e) PRIORITIZATION.—In making or guaranteeing 
loans under this section, the Secretary shall prioritize 
loans with respect to facilities that— 
(1) expand the domestic supply of critical mate-
rials that the Secretary determines necessary to 
the— 
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(A) the national security and defense of 
the United States; 
(B) the energy security and independence 
of the United States; and 
(C) the economic competitiveness of the 
United States; 
(2) have not been supported by prior direct in-
vestment (excluding research, development, or dem-
onstration support) by the Department of Defense, 
the Department of Energy, or any other Federal de-
partment or agency, unless the Secretary determines 
that making or guaranteeing such loan is in the best 
interest of carrying out the purposes described in 
paragraph (1), including a loan to a covered entity 
with respect to a facility or activity to expand the 
domestic supply of such critical minerals that was 
supported by a prior Federal award; and 
(3) purchase United States-made goods and 
services, including mining equipment, machinery, 
iron, steel, and other goods required to for critical 
material manufacturing. 
(f) NOTIFICATION.—Not later than 15 days before 
making or guaranteeing a loan under this section that ex-
ceeds $100,000,000, the Secretary shall notify the appro-
priate committees of Congress of such loan. 
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(g) CONDITIONS
OF LOANS
AND LOAN GUARAN-
TEES.— 
(1) APPLICATION.— 
(A) IN GENERAL.—A covered entity seek-
ing a loan made or guaranteed under this sec-
tion shall submit to the Secretary an applica-
tion at such time, in such manner, and con-
taining such information as the Secretary deter-
mines appropriate, including such records and 
other information the Secretary determines ap-
propriate to determine the eligibility of a cov-
ered entity and whether the facility with respect 
to which such covered entity is seeking such 
loan is in the interest of the United States. 
(B) GUARANTEED LOANS.—In addition to 
the information required to be included in the 
application under subparagraph (A) and subject 
to subsection (d), a covered entity seeking a 
loan guaranteed under this section shall include 
in such application such information as the Sec-
retary determines appropriate to determine 
whether the loan with respect to which such 
covered entity is seeking such guarantee is eligi-
ble to be guaranteed under this section, includ-
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ing the lender making such loan and the terms 
and conditions of such loan. 
(2) RATES, 
TERMS, 
AND
REPAYMENTS
OF 
LOANS.—A loan made or guaranteed under this sec-
tion shall— 
(A) be disbursed in installments pursuant 
to a schedule determined by the Secretary; 
(B) have an interest rate that does not ex-
ceed a level that the Secretary determines ap-
propriate, taking into account, as of the date on 
which the loan is made, the cost of funds to the 
Department of the Treasury for obligations of 
comparable maturity; and 
(C) have a term of not more than 25 
years. 
(3) RESPONSIBLE LENDER.—No loan may be 
guaranteed under this section unless the Secretary 
determines that— 
(A) the lender that made such loan is re-
sponsible; and 
(B) such loan provides adequate provisions 
to protect the interest of the United States. 
(4) LIMITATION.— 
(A) CERTIFICATION.—A loan made or 
guaranteed under this section may not exceed 
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the following amounts unless the President cer-
tifies to the appropriate committees of Congress 
that a loan exceeding such amounts is nec-
essary to significantly increase the supply of 
critical materials relevant to the national, en-
ergy, and economic security of the United 
States: 
(i) For a loan with respect to a facil-
ity located within the United States, the 
lesser of— 
(I) $1,000,000,000 or 50 percent 
of the total cost of the construction, 
expansion, 
modernization, 
or 
repurposing of such facility for which 
the covered entity is seeking such loan 
in the case of a loan made under this 
section; or 
(II) $1,000,000,000 or 75 per-
cent of the total cost of the construc-
tion, expansion, modernization, or 
repurposing of such facility for which 
the covered entity is seeking such loan 
in the case of a loan guaranteed 
under this section. 
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(ii) For a loan with respect to a facil-
ity located outside of the United States, 
the lesser of $250,000,000 or 25 percent 
of the total cost of the construction, expan-
sion, modernization, or repurposing of such 
facility for which the covered entity is 
seeking such loan. 
(B) MAXIMUM
AWARD.—Notwithstanding 
subparagraph (A), a loan made or guaranteed 
under this section may not exceed the following 
amounts: 
(i) For a loan with respect to a facil-
ity located within the United States, the 
lesser of— 
(I) $2,000,000,000 or 50 percent 
of the total cost of the construction, 
expansion, 
modernization, 
or 
repurposing of such facility for which 
the covered entity is seeking such loan 
in the case of a loan made under this 
section; or 
(II) $2,000,000,000 or 75 per-
cent of the total cost of the construc-
tion, expansion, modernization, or 
repurposing of such facility for which 
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the covered entity is seeking such loan 
in the case of a loan guaranteed 
under this section. 
(ii) For a loan with respect to a facil-
ity located outside of the United States, 
the lesser of $500,000,000 or 25 percent 
of the total cost of the construction, expan-
sion, modernization, or repurposing of such 
facility for which the covered entity is 
seeking such loan. 
(5) ADDITIONAL
TERMS.—A loan made or 
guaranteed under this section may include any other 
terms and conditions that the Secretary determines 
to be appropriate. 
(6) REASONABLE
PROSPECT
OF
REPAYMENT 
CRITERIA.—For the purposes of determining wheth-
er to make or guarantee a loan under this section, 
the Secretary shall determine whether a covered en-
tity has a reasonable prospect of repaying such loan 
based on the following: 
(A) The protection of the financial inter-
ests of the United States provided by contrac-
tual terms of the project the covered entity 
plans to perform. 
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(B) The expected financial strength of the 
covered entity— 
(i) at the time the loan or guarantee 
would be approved; and 
(ii) throughout the loan term after the 
project is completed. 
(C) The financial strength of the investors 
and strategic partners of the covered entity, if 
applicable. 
(D) Other financial metrics, analyses, or 
criteria relied upon by the private lending com-
munity and other nationally recognized credit 
rating agencies that the Secretary determines 
relevant to the evaluation of the financial 
strength of the covered entity. 
(h) USE OF FUNDS.—A covered entity that receives 
a loan made or guaranteed under this section may only 
use the awarded amounts for the following purposes of 
supporting activities described in subsection (a), as docu-
mented in the application submitted by the covered entity 
under subsection (g)(1), to— 
(1) finance the construction, expansion, mod-
ernization, or repurposing of a facility, including 
through the acquisition of relevant equipment and 
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site development, for critical material manufac-
turing; 
(2) finance the construction, expansion, mod-
ernization, or repurposing of a facility to manufac-
ture relevant specialized equipment described in sub-
section (b)(1), including site development; 
(3) finance the construction, expansion, mod-
ernization, or repurposing of a facility, including 
through the acquisition of relevant specialized equip-
ment, for the research, development, and demonstra-
tion within the United States of innovative tech-
nologies, materials, or techniques related to estab-
lishing resilient critical material supply chain; 
(4) support the expansion or creation of edu-
cational and workforce pathways, including engage-
ment with the community and relevant local entities 
through innovative partnerships, including appren-
ticeship programs; 
(5) support activities related to environmental 
protection and other sustainability practices, includ-
ing the implementation of industrial decarbonization 
practices; or 
(6) pay reasonable costs related to the oper-
ating expenses for a facility described in paragraph 
(1), (2), or (3), including hiring a specialized work-
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force, acquiring essential materials, and performing 
complex equipment maintenance, as determined ap-
propriate by the Secretary. 
(i) LOAN AGREEMENT.— 
(1) IN GENERAL.—As a condition to receive a 
loan made or guaranteed under this section, the cov-
ered entity receiving such loan shall enter into an 
agreement with the Secretary under which, during 
the 10-year period beginning on the date of the first 
disbursement of such loan, the covered entity— 
(A) will not engage in any significant 
transaction, as defined in the agreement, involv-
ing the expansion of existing critical materials 
capabilities of a foreign entity of concern or a 
foreign entity in a foreign country of concern or 
a nonmarket economy country; 
(B) will notify the Secretary of any 
planned transactions involving the covered enti-
ty relating to the expansion of existing critical 
materials capabilities by a foreign entity of con-
cern, a foreign country of concern, or a non-
market economy country; 
(C) will provide records and other nec-
essary information at the request of the Sec-
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retary to review the compliance of the covered 
entity to terms of the agreement; and 
(D) will return the full amount of such 
loan that has been disbursed if— 
(i) the Secretary determines that such 
covered entity violated the agreement; 
(ii) such covered entity does not rem-
edy such violation or the Secretary deter-
mines that such violation cannot be rem-
edied; and 
(iii) the Secretary determines that the 
return of such amounts is necessary. 
(2) VIOLATION OF AGREEMENT.—If the Sec-
retary determines that a covered entity violated the 
agreement such covered entity entered into under 
paragraph (1) with respect to a loan made or guar-
anteed under this section or failed to provide proof 
required pursuant to paragraph (3)(A)(iii) with re-
spect to a planned transaction in accordance with 
such paragraph the Secretary— 
(A) shall— 
(i) in the case of a loan that is made 
under this section, revoke the undisbursed 
amount of such loan and, if the Secretary 
determines necessary under paragraph 
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(1)(D)(iii), recover the full amount of such 
loan that has been disbursed; and 
(ii) in the case of a loan guaranteed 
under this section, revoke the guarantee of 
such loan; and 
(B) if the Secretary determines that such 
planned transaction would harm the national, 
energy, and economic security of the United 
States, may take other corrective action, includ-
ing recommending corrective action to the 
heads of such other Federal departments or 
agencies, as may be appropriate to the duties of 
such departments or agencies. 
(3) 
NOTIFICATION
OF
PLANNED
TRANS-
ACTIONS.— 
(A) IN GENERAL.—Not later than 90 days 
after the date of receipt of a notification de-
scribed in subparagraph (B) of paragraph (1) 
from a covered entity pursuant to an agreement 
between such covered entity and the Secretary 
entered into under such paragraph, the Sec-
retary shall— 
(i) determine whether the planned 
transaction described in such notification 
would violate such agreement; 
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(ii) a brief description of how the Sec-
retary determined that the planned trans-
action would be a violation; and 
(iii) a summary of any actions or 
planned actions in response to such 
planned transaction. 
(4) OPPORTUNITY FOR A HEARING.—The Sec-
retary may make a determination described in para-
graphs (1)(D)(i), (1)(D)(ii), (2), or (3)(A) with re-
spect to a covered entity only after such covered en-
tity has had an opportunity for a hearing on the 
record with respect to such determination. 
(j) CLAWBACK.— 
(1) TARGET DATES.—As a condition of making 
or guaranteeing loans under this section, the Sec-
retary shall establish target dates by which the con-
struction, expansion, modernization, or repurposing, 
as applicable, of the facility with respect to which 
such loan was made shall commence and complete. 
(2) PROGRESSIVE RECOVER FOR DELAYS.— 
(A) IN GENERAL.—If the construction, ex-
pansion, modernization, or repurposing, as ap-
plicable, of the facility does not commence and 
complete within the target dates established 
under paragraph (1) or the revised target dates 
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established under subparagraph (B)(ii), the 
Secretary shall progressively recover or disburse 
up to the full amount of the loan made or guar-
anteed under this section. 
(B) WAIVER.— 
(i) IN GENERAL.—The Secretary may 
waive subparagraph (A) with respect to a 
failure of a covered entity to commence the 
construction, expansion, modernization, or 
repurposing, as applicable, of a facility in 
accordance with the commencement date 
for such facility established under para-
graph (1) if the Secretary makes a formal 
determination that such covered entity 
could not foresee or control the cir-
cumstances causing such failure, including 
a failure due to supply chain disruptions, 
other than such a failure resulting from 
the failure of the covered entity to cooper-
ate with any relevant regulatory agencies 
for permit approval. 
(ii) REVISED TARGET DATES.—If the 
Secretary waives subparagraph (A) with 
respect to the failure of a covered entity to 
commence the construction, expansion, 
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modernization, or repurposing, as applica-
ble, of a facility in accordance with the 
commencement date for such facility estab-
lished under paragraph (1)— 
(I) the Secretary shall establish 
revised target dates by which the con-
struction, expansion, modernization, 
or repurposing, as applicable, of the 
facility with respect to which such 
loan was made shall commence and 
complete; and 
(II) the relevant agreement under 
subsection (i)(1) shall be amended to 
reflect such revised target dates. 
(3) CONGRESSIONAL NOTIFICATION.—The Sec-
retary shall notify appropriate committees of Con-
gress— 
(A) of the target dates determined with re-
spect to each loan made or guaranteed under 
this section that exceeds $100,000,000; and 
(B) not later than 15 days after the provi-
sion of a waiver under paragraph (2)(B), of the 
terms of such waiver. 
(k) LABOR-MANAGEMENT COOPERATION.— 
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(1) IN GENERAL.—Notwithstanding any other 
provision of law, including the National Labor Rela-
tions Act (29 U.S.C. 151 et seq.), this subsection 
shall apply to any recipient of a loan under this sec-
tion who is an employer and any labor organization 
who represents or seeks to represent any employees 
or only those employees who perform or will perform 
work funded by a loan provided under this section. 
(2) RECOGNITION.—Any employer receiving a 
loan under this section shall recognize for purposes 
of collective bargaining a labor organization that 
demonstrates that a majority of the employees in a 
unit appropriate for such purposes and who perform 
or will perform work funded by a loan provided 
under this section have signed valid authorizations 
designating the labor organization as their collective 
bargaining representative and that no other labor or-
ganization is certified or recognized pursuant to sec-
tion 9 of the National Labor Relations Act (29 
U.S.C. 159) as the exclusive representative of any of 
the employees in the unit who perform or will per-
form such work. Upon such showing of majority sta-
tus, the employer shall notify the labor organization 
and the National Labor Relations Board that the 
employer— 
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(A) has determined that the labor organi-
zation represents a majority of the employees in 
such unit who perform or will perform such 
work; and 
(B) is recognizing the labor organization 
as the exclusive representative of the employees 
in such unit who perform or will perform such 
work for the purposes of collective bargaining 
pursuant to that section. 
(3) DISPUTE RESOLUTION AND UNIT CERTIFI-
CATION.—If a dispute over majority status or the 
appropriateness of the unit described in paragraph 
(2) arises between the employer and the labor orga-
nization, either party may request that the National 
Labor Relations Board investigate and resolve the 
dispute. If the Board finds that a majority of the 
employees in a unit appropriate for purposes of col-
lective bargaining who perform or will perform work 
funded by a loan provided under this section have 
signed valid authorizations designating the labor or-
ganization as their representative for such purposes 
and that no other individual or labor organization is 
certified or recognized as the exclusive representative 
of any of the employees in the unit who perform or 
will perform such work for such purposes, the Board 
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shall not direct an election but shall certify the labor 
organization as the representative described in sec-
tion 9(a) of the National Labor Relations Act (29 
U.S.C. 159(a)). 
(4) MEETINGS AND COLLECTIVE BARGAINING 
AGREEMENTS.—Not later than 10 days after an em-
ployer receiving funding under this section receives 
a written request for collective bargaining from a 
recognized or certified labor organization rep-
resenting employees who perform or will perform 
work funded by a loan provided under this section, 
or within such period as the parties agree upon, the 
labor organization and employer shall meet and com-
mence to bargain collectively and shall make every 
reasonable effort to conclude such bargaining and 
sign a collective bargaining agreement. 
(5) MEDIATION AND CONCILIATION.—If, after 
the expiration of the 90-day period beginning on the 
date on which collective bargaining under paragraph 
(4) began, or such additional period as the parties 
may agree upon, the parties have failed to reach an 
agreement, either party may notify the Federal Me-
diation and Conciliation Service (referred to in this 
subsection as the ‘‘Service’’) of the existence of a 
dispute and request mediation. Whenever such a re-
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quest is received, it shall be the duty of the Service 
promptly to put itself in communication with the 
parties and to use its best efforts, by mediation and 
conciliation, to bring them to agreement. 
(6) TRIPARTITE ARBITRATION.— 
(A) IN GENERAL.—If, after the expiration 
of the 30-day period beginning on the date on 
which the request for mediation is made under 
paragraph (5), or such additional period as the 
parties may agree upon, the Service is not able 
to bring the parties to agreement by mediation 
and conciliation, the Service shall refer the dis-
pute to a tripartite arbitration panel established 
in accordance with such regulations as may be 
prescribed by the Service. 
(B) MEMBERS.—A tripartite arbitration 
panel established under this clause with respect 
to a dispute shall be composed of 1 member se-
lected by the labor organization, 1 member se-
lected by the employer, and 1 neutral member 
mutually agreed to by the labor organization 
and the employer. Each such member shall be 
selected not later than 14 days after the expira-
tion of the 30-day period described in subpara-
graph (A) with respect to such dispute. Any 
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member not so selected by the date that is 14 
days after the expiration of such period shall be 
selected by the Service. 
(C) DECISIONS.—A majority of a tripartite 
arbitration panel established under this clause 
with respect to a dispute shall render a decision 
settling the dispute as soon as practicable, and 
(absent extraordinary circumstances or by 
agreement or permission of the parties) not 
later than 120 days after the establishment of 
such panel. Such a decision shall be binding 
upon the parties for a period of 2 years, unless 
amended during such period by written consent 
of the parties. Such decision shall be based 
on— 
(i) the financial status and prospects 
of the employer; 
(ii) the size and type of the operations 
and business of the employer; 
(iii) the cost of living of the employ-
ees; 
(iv) the ability of the employees to 
sustain themselves, their families, and 
their dependents on the wages and benefits 
they earn from the employer; and 
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(v) the wages and benefits other em-
ployers in the same business provide their 
employees. 
(7) CONTRACTORS
AND
SUBCONTRACTORS.— 
Any employer receiving funds under this section to 
procure goods or services shall require a contractor 
or subcontractor, whose employees perform or will 
perform work funded by a loan provided under this 
section, that contracts or subcontracts with the em-
ployer to comply with the requirements set forth in 
paragraphs (1) through (6). 
(8) DEFINITIONS.—In this subsection, the 
terms ‘‘employee’’, ‘‘employer’’, and ‘‘labor organiza-
tion’’ have the meanings given the terms in section 
2 of the National Labor Relations Act (29 U.S.C. 
152). 
(9) LIMITATION
OF
FUNDS.—Funds appro-
priated to carry out this Act may not be used to as-
sist, promote, or deter organizing of labor organiza-
tions. 
(l) WAGE RATE REQUIREMENTS.— 
(1) DAVIS-BACON.—All laborers and mechanics 
employed by the covered entity receiving funding 
under this section, or employed by contractors or 
subcontractors related to a covered project, shall be 
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paid wages at rates not less than those prevailing on 
similar projects in the locality, as determined by the 
Secretary of Labor in accordance with subchapter 
IV of chapter 31 of title 40, United States Code 
(commonly referred to as the ‘‘Davis-Bacon Act’’). 
(2) AUTHORITY.—The Secretary of Labor shall 
have, with respect to the labor standards specified in 
this subsection, the authority and functions set forth 
in Reorganization Plan Numbered 14 of 1950 (5 
U.S.C. App.; relating to coordination of administra-
tion and consistency of enforcement of certain labor 
standards for Federal employees) and section 3145 
of title 40, United States Code. 
(m) OVERSIGHT.—Not later than four years after the 
first disbursement of the first loan made or guaranteed 
under this section, the Inspector General of the Depart-
ment of Commerce, in consultation with the Inspector 
General of the Department of State, shall audit the pro-
gram and submit to the appropriate committees of Con-
gress a report containing the results of such audit under 
this subsection to assess— 
(1) whether the national center has been estab-
lished and operated in accordance with section 102; 
and 
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(2) whether the loan program has been estab-
lished and operated in accordance with this section, 
including— 
(A) whether the Secretary is making or 
guaranteeing loans under this section only to 
covered entities that meet the requirements in 
subsection (b); 
(B) whether the covered entities receiving 
loans made or guaranteed under this section 
are using the amounts of such loans in accord-
ance with subsection (h); 
(C) whether the Secretary has complied 
with the limitations under subsection (g)(4) and 
under section 106(c); and 
(D) whether the Secretary is carrying out 
the agreements required under subsection (i), 
including any congressional notifications re-
quired by such subsection. 
SEC. 104. REQUIRED COLLABORATION. 
(a) REQUIRED COLLABORATION.—In carrying out 
the activities under this title, the Secretary of Commerce, 
in consultation with the Secretary of State, shall coordi-
nate the activities of the Center and the program estab-
lished by section 103 with relevant Federal agencies and 
departments to leverage existing activities across the 
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United States Government to strengthen the critical mate-
rials supply chain of the United States, including exchange 
of information regarding the United States critical mate-
rials supply chain, to the extent consistent with the protec-
tion of information under other applicable authorities. 
Such relevant Federal agencies and departments shall in-
clude— 
(1) the Department of Agriculture; 
(2) the Department of Defense; 
(3) the Department of Energy; 
(4) the Department of Health and Human 
Services; 
(5) the Department of Homeland Security; 
(6) the Department of the Interior; 
(7) the Department of Labor; 
(8) the Department of the Treasury; 
(9) the Export-Import Bank of the United 
States; 
(10) the United States International Develop-
ment Finance Corporation; 
(11) the White House Council of Environmental 
Quality; 
(12) the White House Office of Science and 
Technology Policy; 
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(13) the White House Office of the United 
States Trade Representative; and 
(14) other Federal agencies and departments 
that the Secretary determines necessary to carry out 
the activities in this title. 
(b) OVERSIGHT.—Not later than 4 years after the 
date of the disbursement of the first award under section 
103, the Inspector General of the Department of Com-
merce, in consultation with the Inspector General of the 
Department of State, shall submit to the appropriate com-
mittees of Congress a report containing the results of an 
audit of whether the Secretary has sufficiently carried out 
the interagency coordination activities required by sub-
section (a) and consulted with the Secretary of State as 
required under this title to support the development of se-
cure critical material supply chains in the interest of the 
national, energy, and economic security of the United 
States. 
SEC. 105. MATERIAL SUPPLY CHAIN PUBLIC-PRIVATE 
PARTNERSHIP. 
(a) PUBLIC-PRIVATE PARTNERSHIP.— 
(1) IN GENERAL.—Not later than 1 year after 
the date of enactment of this section, the Secretary, 
acting through the head of the Center, in consulta-
tion with the Secretary of State, and through the 
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collaboration required under section 104, shall estab-
lish a public-private partnership to— 
(A) support the development of a resilient 
supply chain; 
(B) bolster the national, energy, and eco-
nomic security of the United States; and 
(C) support the development of supply 
chain characteristics in the interests of the 
United States, including— 
(i) transparency and traceability; 
(ii) environmental sustainability; 
(iii) workforce security and safety; 
and 
(iv) innovation. 
(2) DUTIES.—The public-private partnership 
shall— 
(A) engage with stakeholders from across 
the critical material supply chain, prioritizing 
domestic stakeholders, including through— 
(i) convening such stakeholders for 
regular meetings to inform the activities of 
the public-private partnership; and 
(ii) accepting membership from indus-
try, nonprofit organizations, trade associa-
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tions, academia, labor organizations, and 
equivalent international partners; 
(B) advise the Center on creating a robust 
understanding of a critical material supply 
chain, including through advancing the under-
standing of, with respect to such supply 
chain— 
(i) market dynamics including market 
manipulation by foreign countries of con-
cern; 
(ii) pricing and availability dynamics; 
(iii) transparency and traceability; 
(iv) environmental sustainability; 
(v) education and workforce develop-
ment; 
(vi) labor law compliance; and 
(vii) barriers to adopting innovative 
technologies, materials, and techniques; 
(C) establish partnerships with inter-
national partners, excluding foreign entities of 
concern or a foreign entity in a foreign country 
of concern, to advance the national, energy, and 
economic security of the United States; 
(D) operate the Investment Fund estab-
lished under subsection (b); and 
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(E) not later than one year after the pub-
lic-private partnership is established, and annu-
ally thereafter, publish at least one report on 
the internet website of the Department of Com-
merce summarizing the activities undertaken by 
the public-private partnership during the most 
recent fiscal year prior to publication of such 
report, and such report shall include— 
(i) a summary of the advice provided 
to the Center established in section 102(a); 
(ii) a summary of the membership of 
the public-private partnership; 
(iii) a summary of the activities car-
ried out by the Investment Fund estab-
lished in subsection (b); and 
(iv) a summary of any international 
collaborations carried out by the public-pri-
vate partnership. 
(3) FUNDING.—Subject to the availability of 
appropriations, out of the funds authorized to be ap-
propriated pursuant to section 106(a), the Secretary 
shall allocate up to the following amounts to carry 
out this subsection: 
(A) $15,000,000 for fiscal year 2026. 
(B) $30,000,000 for fiscal year 2027. 
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(C) $45,000,000 for fiscal year 2028. 
(D) $60,000,000 for fiscal year 2029. 
(E) $75,000,000 for the period of fiscal 
year 2030 and each fiscal year thereafter prior 
to the expiration of the program. 
(b) INVESTMENT FUND.— 
(1) IN
GENERAL.—Not later than one year 
after the establishment of the public-private partner-
ship under subsection (a), the public-private partner-
ship shall establish an investment fund (in this sec-
tion referred to as the ‘‘Investment Fund’’) to sup-
port existing Federal and private investments to ac-
quire, establish, or enhance facilities related to devel-
oping domestic and foreign critical material manu-
facturing capabilities for the national, energy, and 
economic security of the United States. 
(2) DUTIES.—The Investment Fund shall— 
(A) accept and solicit funds from entities 
described in subsection (a)(2)(A)(ii) to invest 
and support facilities to expand domestic and 
foreign capabilities to manufacture critical ma-
terials for the national, energy, and economic 
security of the United States, in accordance 
with the eligibility requirements described in 
section 103(b); 
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(B) buy and sell critical materials from the 
global marketplace, prioritizing domestic pro-
ducers, to support the transition to resilient 
supply chains with stable market prices and 
store such purchased critical materials within 
the United States; 
(C) invest in innovative partnerships with 
critical material supply chain stakeholders with 
a prioritization for starts-ups, small and me-
dium-sized enterprises, and other entities sup-
porting innovative technologies, materials, or 
techniques; 
(D) provide innovative financial tools and 
other risk mitigation mechanisms, such as in-
surance products, that follow existing procure-
ment policies as implemented pursuant to sec-
tion 2(a)(1) of the Export-Import Bank Act of 
1945 (12 U.S.C. 625(a)(1)), directly or in part-
nership with entities currently providing such 
tools and mechanisms, to stabilize market 
prices and support domestic capabilities; 
(E) support demonstration, deployment, 
and adoption activities related to innovative 
technologies, materials, including qualified sub-
stitutes, or techniques to promote sustainability 
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and increased resiliency, with sufficient re-
search collaboration safeguards to protect do-
mestic proprietary information; 
(F) invest acquired profit from activities in 
subparagraphs (A) and (B) to further the mis-
sion of the Investment Fund; and 
(G) consult regularly with Federal agencies 
and departments identified in section 104, in-
cluding the Export-Import Bank of the United 
States and the United States International De-
velopment Finance Corporation, to ensure 
alignment with existing Federal efforts designed 
to promote, fund, resource critical material 
manufacturing domestically or in a foreign 
country of interest. 
(3) LOAN PROGRAM ELIGIBILITY.— 
(A) IN GENERAL.—The Investment Fund 
shall— 
(i) be eligible to receive a loan under 
the loan program established in section 
103(a) after submission of the application 
under subparagraph (B) of this paragraph; 
and 
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(ii) not be eligible to apply for or re-
ceive a loan guarantee under the loan pro-
gram in section 103(a). 
(B) APPLICATION.—To receive a Federal 
loan under the loan program established in sec-
tion 103(a), the Investment Fund shall submit 
to the Secretary an application that includes— 
(i) a list of projects, in accordance 
with the eligibility requirements described 
in section 103(b)(2), that the fund will 
support through the receipt of a Federal 
loan under such program; and 
(ii) any other information the Sec-
retary determines appropriate to evaluate 
the eligibility of the projects submitted 
under clause (i) for such loan program. 
(C) AWARD AMOUNT.—Each award made 
to the Investment Fund under the loan pro-
gram established in section 103(a) shall— 
(i) be in an amount the Secretary de-
termines appropriate; and 
(ii) not exceed 25 percent of the avail-
able loan authority of such loan program 
for a given fiscal year. 
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(D) ELIGIBLE FORGIVENESS.—Subject to 
the agreement requirements under subpara-
graph (G) and to the extent the Investment 
Fund maintains good standing, as determined 
by the Secretary, such Secretary may forgive all 
or part of a loan awarded to the Investment 
Fund under this paragraph in an eligible fiscal 
year, in accordance with the authorities of the 
agency. 
(E) TAX
TREATMENT.—For purposes of 
the Internal Revenue Code of 1986— 
(i) no amount shall be included in the 
gross income of the Investment Fund by 
reason of forgiveness of indebtedness de-
scribed in subparagraph (D); 
(ii) no deduction shall be denied, no 
tax attribute shall be reduced, and no basis 
increase shall be denied, by reason of the 
exclusion from gross income provided by 
clause (i); and 
(iii) in the case that the Investment 
Fund is a partnership or S corporation— 
(I) any amount excluded from in-
come by reason of clause (i) shall be 
treated as tax exempt income for pur-
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poses of sections 705 and 1366 of the 
Internal Revenue Code of 1986; and 
(II) except as provided by the 
Secretary of the Treasury, or a dele-
gate of such Secretary, any increase 
in the adjusted basis of an interest of 
a partner in a partnership under sec-
tion 705 of the Internal Revenue Code 
of 1986, with respect to any amount 
described in subclause (I), shall equal 
the distributive share of deductions of 
such partner resulting from costs giv-
ing rise to forgiveness described in 
subclause (I). 
(F) EFFECTIVE
DATE
FOR
TAX
TREAT-
MENT.—The provisions made by subparagraph 
(E) shall apply to taxable years beginning after 
December 31, 2025. 
(G) REQUIRED AGREEMENT.—Pursuant to 
section 103(i)— 
(i) the Secretary shall enter into the 
required agreement with the Investment 
Fund; and 
(ii) the Investment Fund shall take on 
full responsibility for the required agree-
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ment and the actions of the projects that 
use funds awarded by the loan program es-
tablished in section 103(a) to the Invest-
ment Fund. 
(H) DISCLOSURE.—Not later than one 
year after date on which the Investment Fund 
is established under paragraph (1), and annu-
ally thereafter, the Investment Fund shall pro-
vide an annual report to the Secretary which 
shall— 
(i) include all actions taken by the In-
vestment Fund upon receipt of each award; 
(ii) include any additional information 
the Secretary determines appropriate to 
ensure robust oversight of the use of each 
loan awarded to the Investment Fund; and 
(iii) be published on the internet 
website of the Department of Commerce. 
(I) 
CLAWBACK.—Pursuant 
to 
section 
103(j), the Secretary shall have the authority to 
recover, or dispense of, up to the full amount 
of each loan awarded by the loan program es-
tablished in section 103(a) for a given fiscal 
year if— 
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(i) the Investment Fund fails to com-
ply with the required agreement in sub-
paragraph (G); or 
(ii) the Secretary is notified of the in-
ability of the Investment Fund to use such 
an award in accordance with section 
103(h). 
(J) FAILURE
TO
COMPLY.—If the Sec-
retary is not satisfied with the actions taken by 
the Investment Fund, including failure by the 
Investment Fund to comply with the eligibility 
requirements for the loan program established 
under section 103(a) or the improper use of 
funds awarded by such loan program to the In-
vestment Fund, the Investment Fund shall— 
(i) be ineligible for future awards by 
such loan program; and 
(ii) remain ineligible until— 
(I) the Investment Fund presents 
an executable plan that the Secretary 
determines appropriate to satisfy the 
requirements of section 103(b) or sec-
tion 103(h); 
(II) the Secretary shall submit to 
Congress a report outlining the cor-
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rective actions the Investment Fund 
has taken to be eligible to apply for 
such loan program again; and 
(III) the Secretary determines 
that the Investment Fund is eligible 
to apply for such loan program again. 
(K) 
LABOR-MANAGEMENT
COOPERA-
TION.—Notwithstanding any other provision of 
law, including the National Labor Relations Act 
(29 U.S.C. 151 et seq.), any recipient of a loan 
under this section who is an employer, and any 
labor organization who represents or seeks to 
represent any employees or only those employ-
ees who perform or will perform work funded 
by a loan provided under this section, shall be 
subject to the provisions of section 103(k) of 
this title. 
(L) WAGE RATE REQUIREMENTS.— 
(i) DAVIS-BACON.—All laborers and 
mechanics employed by the covered entity 
receiving funding under this section or em-
ployed by contractors or subcontractors re-
lated to a covered project, shall be paid 
wages at rates not less than those pre-
vailing on similar projects in the locality, 
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as determined by the Secretary of Labor in 
accordance with subchapter IV of chapter 
31 of title 40, United States Code (com-
monly referred to as the ‘‘Davis-Bacon 
Act’’). 
(ii) AUTHORITY.—The Secretary of 
Labor shall have, with respect to the labor 
standards specified in this subparagraph, 
the authority and functions set forth in 
Reorganization Plan Numbered 14 of 1950 
(5 U.S.C. App.; relating to coordination of 
administration and consistency of enforce-
ment of certain labor standards for Fed-
eral employees) and section 3145 of title 
40, United States Code. 
(4) OVERSIGHT.—Not later than 2 years after 
the first loan is awarded to the Investment Fund 
under the loan program established in section 
103(a), the Inspector General of the Department of 
Commerce shall audit the Investment Fund and sub-
mit to Congress a report— 
(A) that assesses whether the Investment 
Fund has complied with the requirements of 
this title, including— 
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(i) the requirements under section 
103(b) for maintaining eligibility for the 
joint loan program; 
(ii) the requirements under section 
103(h) regarding the proper use of award-
ed or guaranteed funds; 
(iii) the exclusion of foreign entities of 
concern or foreign countries of concern; 
and 
(iv) any additional requirements that 
the Investment Fund must meet as deter-
mined appropriate by the Secretary; and 
(B) that proposes a course of action for 
the Secretary to— 
(i) remedy each violation by the In-
vestment Fund found, if any; and 
(ii) monitor the progress of the In-
vestment Fund towards remedying each 
violation found by the Secretary. 
(c) EXCLUSION OF CERTAIN FUNDS.—The Invest-
ment Fund under subsection (b) may not accept funds 
from, allow membership to, create research collaborations 
with, or partner with a foreign entity of concern or a for-
eign entity within a foreign country of concern or a non-
market economy country. 
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SEC. 106. AUTHORIZATION OF APPROPRIATIONS. 
(a) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to the Department of Com-
merce for the national center established in section 102 
the following amounts for the applicable fiscal year: 
(1) $30,000,000 for fiscal year 2026. 
(2) $45,000,000 for fiscal year 2027. 
(3) $70,000,000 for fiscal year 2028. 
(4) $85,000,000 for fiscal year 2029. 
(5) $100,000,000 for each of fiscal years 2030 
and any fiscal year thereafter before the date de-
scribed in section 107. 
(b) AUTHORIZATION OF LOAN AUTHORITY.—There 
is authorized to be appropriated to the Department of 
Commerce for the loan and loan guarantee program estab-
lished in section 103 the following amounts for the appli-
cable fiscal year: 
(1) $1,000,000,000 for fiscal year 2026. 
(2) $2,500,000,000 for fiscal year 2027. 
(3) $5,000,000,000 for fiscal year 2028. 
(4) $7,500,000,000 for fiscal year 2029. 
(5) $10,000,000,000 for fiscal year 2030 and 
any fiscal year thereafter before the date described 
in section 107. 
(c) LIMITATION AND MINIMUM THRESHOLDS FOR 
LOAN AUTHORITY.—Of the amounts appropriated pursu-
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ant to the authorization under subsection (b) for any fiscal 
year, other than amounts provided to the Investment 
Fund established under section 105(b)(1), the Secretary 
shall ensure to the greatest extent practicable that— 
(1) a maximum of 30 percent of the available 
amounts are provided with respect to investments 
into facilities in foreign countries of interest that— 
(A) relate to the extraction of critical ma-
terials significantly unavailable for domestic ex-
traction; and 
(B) prioritize secondary impacts to the 
United States, including through purchase 
agreements with domestic manufacturers; 
(2) a maximum of 20 percent of the available 
amounts are provided with respect to investment 
into facilities within the United States relating to 
the extraction of domestically available critical mate-
rials in the United States; 
(3) a minimum of 5 percent of the available 
amounts are provided with respect to investment 
into facilities related to the manufacturing of nec-
essary equipment for the manufacturing of critical 
materials; and 
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(4) a minimum of 10 percent of the available 
amounts are provided with respect to facilities lo-
cated within the United States related to— 
(A) the reclamation of critical materials 
from spent and damaged end-use components 
through recycling processes; or 
(B) the demonstration, deployment, or 
commercialization of innovative technologies 
such as qualified substitutes. 
SEC. 107. TERMINATION. 
This title shall terminate on the date that is 10 years 
after the date of the enactment of this Act. 
SEC. 108. DEFINITIONS. 
In this title: 
(1) 
APPROPRIATE
COMMITTEES
OF
CON-
GRESS.—The term ‘‘appropriate committees of Con-
gress’’ means— 
(A) the Committee on Energy and Natural 
Resources, 
the 
Committee 
on 
Commerce, 
Science, and Transportation, the Committee on 
Foreign Relations, the Committee on Armed 
Services, and the Committee on Appropriations 
of the Senate; and 
(B) the Committee on Energy and Com-
merce, the Committee on Foreign Affairs, the 
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Committee on Armed Services, the Committee 
on Science, Space, and Technology, the Com-
mittee on Appropriations, the Committee on 
Natural Resources, and the Committee on Ways 
and Means of the House of Representatives. 
(2) BYPRODUCT.—The term ‘‘byproduct’’ has 
the meaning given such term in section 7002(a)(1) 
of the Energy Act of 2020 (30 U.S.C. 1606(a)(1)). 
(3) 
CONVERSION.—The 
term 
‘‘conversion’’ 
means the process to alter a refined or purified crit-
ical material to a secondary compound that is sub-
ject to supply chain disruptions relevant to the na-
tional, energy, and economic security of the United 
States, including the manufacturing of magnets, al-
loys, or multicompound chemistries, including such 
chemistries at solid, liquid, or gaseous states. 
(4) COVERED ENTITY.—The term ‘‘covered en-
tity’’ means a nonprofit entity, a private entity, a 
consortium of private entities, or a consortium of 
nonprofit, public, and private entities— 
(A) with a demonstrated ability to— 
(i) substantially finance, construct, ex-
pand, or modernize a facility relating to 
the extraction, processing or refining, con-
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version, recycling, or research and develop-
ment of critical materials; or 
(ii) substantially finance and repur-
pose an existing facility, including former 
manufacturing sites, to construct, expand, 
or modernize the facility for extraction, 
processing or refining, conversion, recy-
cling, or research and development of crit-
ical materials; and 
(B) that is determined by the Secretary of 
Commerce, in consultation with the Secretary of 
Defense, the Secretary of Energy, the Secretary 
of the Interior, the Secretary of State, and the 
Director of National Intelligence— 
(i) to be owned or operated by, or a 
subsidiary of, an entity located in the 
United States or a foreign entity that has 
an extensive presence in the United States; 
and 
(ii) not to be owned or operated by, or 
a subsidiary of— 
(I) any foreign entity of concern 
or an entity located in a foreign coun-
try of concern; or 
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(II) any entity engaged in con-
duct that is detrimental to the na-
tional security or foreign policy of the 
United States, including entities that 
do not uphold international law relat-
ing to human rights or environmental 
protections. 
(5) COVERED TRADE ACTION.—The term ‘‘cov-
ered trade action’’ means any ongoing investigation 
or final order pursuant to the Trade Act of 1974 
(19 U.S.C. 2101 et seq.), section 701 of the Tariff 
Act of 1930 (19 U.S.C. 1671), section 731 of the 
Tariff Act of 1930 (19 U.S.C. 1673), or any other 
relevant trade law as determined by the Secretary. 
(6) CRITICAL
MATERIAL.—The term ‘‘critical 
material’’ has the meaning given such term in sec-
tion 7002(a)(2) of the Energy Act of 2020 (30 
U.S.C. 1606(a)(2)). 
(7) CRITICAL
MATERIAL
MANUFACTURING.— 
The term ‘‘critical material manufacturing’’ means 
any manufacturing process related to any of the fol-
lowing: 
(A) Extraction of a critical material from 
the natural ecosystem, including as a byprod-
uct. 
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(B) Refining or processing a critical mate-
rial. 
(C) The conversion of a critical material 
into a secondary compound. 
(D) The recycling of a critical material 
from used manufacturing components, including 
technology components. 
(E) Any other relevant manufacturing 
process that produces a qualified substitute for 
use in the critical material supply chain. 
(8) FOREIGN
COUNTRY
OF
CONCERN.—The 
term ‘‘foreign country of concern’’ has the meaning 
given such term in section 9901 of the William M. 
(Mac) Thornberry National Defense Authorization 
Act for Fiscal Year 2021 (15 U.S.C. 4651). 
(9) FOREIGN
COUNTRY
OF
INTEREST.—The 
term ‘‘foreign country of interest’’ means a foreign 
country or a political subdivision of a foreign coun-
try that is not a foreign country of concern and with 
respect to which the Secretary of Commerce, in col-
laboration with the Secretary of State and the 
United States Trade Representative, determines 
that— 
(A) the environmental protections of such 
country with respect to the production of crit-
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ical materials meet or exceed similar protections 
in the United States; and 
(B) no products of the country are prohib-
ited for importation into the United States pur-
suant to section 307 of the Tariff Act of 1930 
(19 U.S.C. 1307). 
(10) FOREIGN ENTITY.—The term ‘‘foreign en-
tity’’ has the meaning given such term in section 
9901 of the William M. (Mac) Thornberry National 
Defense Authorization Act for Fiscal Year 2021 (15 
U.S.C. 4651). 
(11) FOREIGN
ENTITY
OF
CONCERN.—The 
term ‘‘foreign entity of concern’’ has the meaning 
given such term in section 9901 of the William M. 
(Mac) Thornberry National Defense Authorization 
Act for Fiscal Year 2021 (15 U.S.C. 4651). 
(12) INDUSTRIAL
DECARBONIZATION
PRAC-
TICE.—The term ‘‘industrial decarbonization prac-
tice’’ means— 
(A) any technology, practice, or technique 
that lowers the environmental impact or energy 
requirements of an industrial process; 
(B) any agreement with a local or region-
ally relevant electrical utility to acquire the ma-
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jority of the required power for a facility from 
renewable sources; or 
(C) other technologies, practices, or tech-
niques to promote sustainability and reduce and 
mitigate any environmental degradation that 
the Secretary of Commerce, in consultation with 
the Secretary of Energy, deems eligible. 
(13) NONMARKET
COUNTRY
ECONOMY.—The 
term ‘‘nonmarket country economy’’ has the meeting 
given such term in section 771(18) of the Tariff Act 
of 1930 (19 U.S.C. 1677(18)). 
(14) NONPROFIT
ENTITY.—The term ‘‘non-
profit entity’’ means an entity described in section 
501(c)(3) of the Internal Revenue Code of 1986 and 
exempt from taxation under section 501(a) of such 
Code. 
(15) PERSON.—The term ‘‘person’’ includes an 
individual, partnership, association, corporation, or-
ganization, or any other combination of individuals. 
(16) 
QUALIFIED
SUBSTITUTE.—The 
term 
‘‘qualified substitute’’ means any verifiable alter-
native to a critical material able to carry out an es-
sential function (as such term is used in section 
7002(a)(2)(ii) of the Energy Act of 2020 (30 U.S.C. 
1606(a)(2)(ii))) of a critical material. 
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(17) RECYCLING.—The term ‘‘recycling’’ means 
the process of collecting and processing spent mate-
rials and devices and turning the materials and de-
vices into raw materials or components that can be 
reused either partially or completely. 
(18) REFINED OR PURIFIED CRITICAL MATE-
RIAL.—The term ‘‘refined or purified critical mate-
rial’’ means a critical material that has undergone 
any relevant manufacturing process to remove impu-
rities and to meet industry standards of purity or 
concentration for downstream use cases post-extrac-
tion or recycling. 
(19) SECRETARY.—Unless otherwise specified, 
the term ‘‘Secretary’’ means the Secretary of Com-
merce, acting through the Center established in sec-
tion 102. 
TITLE II—CRITICAL MATERIAL 
TAX CREDITS 
SEC. 201. CRITICAL MATERIAL INVESTMENT TAX CREDIT. 
(a) IN GENERAL.—Subpart E of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code of 
1986 is amended by inserting after section 48E the fol-
lowing new section: 
‘‘SEC. 48F. CRITICAL MATERIAL INVESTMENT CREDIT. 
‘‘(a) ESTABLISHMENT OF CREDIT.— 
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‘‘(1) IN GENERAL.—For purposes of section 46, 
the critical material investment credit for any tax-
able year is an amount equal to the applicable per-
centage of the qualified investment for such taxable 
year with respect to any critical material facility of 
an eligible taxpayer. 
‘‘(2) APPLICABLE PERCENTAGE.— 
‘‘(A) BASE RATE.—In the case of any crit-
ical material facility, the applicable percentage 
shall be 15 percent. 
‘‘(B) ALTERNATIVE RATE.—In the case of 
any critical material facility that meets either of 
the following criteria, the applicable percentage 
shall be 25 percent: 
‘‘(i) The critical material facility ful-
fills rules similar to the rules of section 
45(b)(7). 
‘‘(ii) The primary purpose of the crit-
ical material facility is to produce— 
‘‘(I) a critical material that the 
Secretary, in consultation with the 
heads of other relevant Federal agen-
cies and departments, determines has 
a supply which is significantly vulner-
able to disruption (including restric-
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tions associated with foreign political 
risk, abrupt demand growth, military 
conflict, violent unrest, anti-competi-
tive or protectionist behaviors, and 
other risks throughout the supply 
chain), 
‘‘(II) a qualified substitute, or 
‘‘(III) a recycled critical material. 
‘‘(3) DEFINITIONS.—For the purpose of this 
section— 
‘‘(A) 
CRITICAL
MATERIAL.—The 
term 
‘critical material’ has the meaning given such 
term in section 7002(a)(2) of the Energy Act of 
2020. 
‘‘(B) CRITICAL MATERIAL FACILITY.—The 
term ‘critical material facility’ means a facility 
with respect to which the taxpayer makes an ir-
revocable election to have this subparagraph 
apply for which the primary purpose is— 
‘‘(i) extraction, processing, refining, or 
recycling of— 
‘‘(I) a critical material, or 
‘‘(II) a qualified substitute, 
‘‘(ii) converting a critical material into 
a magnet, an alloy, or a multicompound 
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chemistry (in a solid, liquid, or gaseous 
state) that the Secretary, in consultation 
with the Secretary of Energy and the Sec-
retary of the Interior, determines— 
‘‘(I) has a supply chain which is 
vulnerable to disruption (including re-
strictions associated with foreign po-
litical risk, abrupt demand growth, 
military conflict, violent unrest, anti- 
competitive or protectionist behaviors, 
and other risks throughout the supply 
chain); and 
‘‘(II) serves an essential function 
in the manufacturing of a product (in-
cluding energy technology-, defense-, 
currency-, agriculture-, consumer elec-
tronics-, and health care-related appli-
cations), the absence of which would 
have significant consequences for the 
economic or national security of the 
United States, 
‘‘(iii) specialized manufacturing equip-
ment used primarily to carry out a process 
described in clause (i) or (ii), or 
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‘‘(iv) specialized equipment for re-
search and development relating to a pur-
pose described in clause (i), (ii), or (iii). 
‘‘(C) QUALIFIED SUBSTITUTE.—The term 
‘qualified substitute’ means any material that 
the Secretary, in consultation with the Sec-
retary of Energy and the Secretary of the Inte-
rior, determines is a verifiable alternative to a 
critical material that can carry out an essential 
function of such critical material in a tech-
nology component. 
‘‘(D) 
TECHNOLOGY
COMPONENT.—The 
term ‘technology component’ means— 
‘‘(i) any manufactured component 
used to manufacture any item which is es-
sential to national security, to energy inde-
pendence, or to the economic competitive-
ness of the United States, or 
‘‘(ii) an eligible component (as defined 
in section 45X). 
‘‘(E) ELIGIBLE TAXPAYER.—The term ‘eli-
gible taxpayer’ means, with respect to a taxable 
year, any taxpayer which is not— 
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‘‘(i) at any point during the taxable 
year, an entity under the influence, con-
trol, or ownership of— 
‘‘(I) a foreign entity of concern 
(as defined in section 9901 of the Wil-
liam M. (Mac) Thornberry National 
Defense Authorization Act for Fiscal 
Year 2021), or 
‘‘(II) a firm domiciled in a non- 
market economy (as defined in section 
771(18) of the Tariff Act of 1930), or 
‘‘(ii) subject to a covered trade action 
(as defined in section 108 of the Unearth 
America’s Future Act) at any point during 
the taxable year. 
‘‘(b) QUALIFIED INVESTMENT.— 
‘‘(1) IN GENERAL.—For purposes of subsection 
(a), the qualified investment with respect to any crit-
ical material facility for any taxable year is the basis 
of any qualified property placed in service by the 
taxpayer during such taxable year which is part of 
such critical material facility. 
‘‘(2) QUALIFIED PROPERTY.— 
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‘‘(A) IN GENERAL.—For purposes of this 
subsection, the term ‘qualified property’ means 
property— 
‘‘(i) which is tangible property, 
‘‘(ii) with respect to which deprecia-
tion (or amortization in lieu of deprecia-
tion) is allowable, 
‘‘(iii) which is— 
‘‘(I) constructed, reconstructed, 
or erected by the taxpayer, or 
‘‘(II) acquired by the taxpayer if 
the original use of such property com-
mences with the taxpayer, and 
‘‘(iv) which is integral to the operation 
of a critical material facility. 
‘‘(B) BUILDING AND STRUCTURAL COMPO-
NENTS.— 
‘‘(i) IN GENERAL.—The term ‘quali-
fied property’ includes any building or its 
structural components which otherwise sat-
isfy the requirements of subparagraph (A). 
‘‘(ii) EXCEPTION.—Clause (i) shall 
not apply with respect to a building or por-
tion of a building used for offices, adminis-
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trative services, or other functions unre-
lated to manufacturing. 
‘‘(3) COORDINATION
WITH
REHABILITATION 
CREDIT.—The qualified investment with respect to 
any critical material facility shall not include that 
portion of the basis of any property which is attrib-
utable to qualified rehabilitation expenditures (as de-
fined in section 47(c)(2)). 
‘‘(4) CERTAIN PROGRESS EXPENDITURE RULES 
MADE APPLICABLE.—Rules similar to the rules of 
subsections (c)(4) and (d) of section 46 (as in effect 
on the day before the date of the enactment of the 
Revenue Reconciliation Act of 1990) shall apply for 
purposes of subsection (a). 
‘‘(c) ELECTIVE PAYMENT.— 
‘‘(1) IN GENERAL.—Except as otherwise pro-
vided in paragraph (2)(A), in the case of a taxpayer 
making an election (at such time and in such man-
ner as the Secretary may provide) under this sub-
section with respect to the credit determined under 
subsection (a), such taxpayer shall be treated as 
making a payment against the tax imposed by sub-
title A (for the taxable year with respect to which 
such credit was determined) equal to the amount of 
such credit. 
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‘‘(2) SPECIAL
RULES.—Rules similar to the 
rules of section 48D(d)(2) shall apply with respect 
to an election under paragraph (1). 
‘‘(d) DENIAL OF DOUBLE BENEFIT.—No credit shall 
be allowed under section 45X or under section 45BB for 
any taxable year with respect to any critical material facil-
ity with respect to a credit is allowed under this section. 
‘‘(e) TERMINATION OF CREDIT.—The credit allowed 
under this section shall not apply to property the construc-
tion of which begins after December 31, 2029.’’. 
(b) CONFORMING AMENDMENTS.— 
(1) Section 46 of such Code is amended by 
striking ‘‘and’’ at the end of paragraph (6), by strik-
ing the period at the end of paragraph (7) and in-
serting ‘‘, and’’, and by adding at the end the fol-
lowing new paragraph: 
‘‘(8) The critical material investment credit.’’. 
(2) Section 49(a)(1)(C) of such Code is amend-
ed by striking ‘‘and’’ at the end of clause (vii), by 
striking the period at the end of clause (viii) and in-
serting ‘‘, and’’, and by adding at the end the fol-
lowing new clause: 
‘‘(ix) the basis of any property which 
is part of a critical material facility under 
section 48F.’’. 
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(3) Section 50(a)(2)(E) is amended by striking 
‘‘or 48E(e)’’ and inserting ‘‘48E(e), or 48F(b)(4)’’. 
(4) The table of sections for subpart E of part 
IV of subchapter A of chapter 1, as amended by sec-
tion 107(d) of the CHIPS Act of 2022 (Public Law 
117–167), is amended by inserting after the item re-
lating to section 48E the following new item: 
‘‘Sec. 48F. Critical material investment credit.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to property placed in service after 
the date of the enactment of this Act. 
SEC. 202. CRITICAL MATERIAL PRODUCTION TAX CREDIT. 
(a) IN GENERAL.—Subpart D of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code of 
1986 is amended by inserting after section 45AA the fol-
lowing new section: 
‘‘SEC. 45BB. CRITICAL MATERIAL PRODUCTION CREDIT. 
‘‘(a) IN GENERAL.— 
‘‘(1) ALLOWANCE OF CREDIT.—For purposes of 
section 38, the critical material production credit for 
any taxable year is an amount equal to the sum of 
the credit amounts determined under subsection (b) 
with respect to each eligible material which is— 
‘‘(A) produced by the taxpayer in the 
United States, and 
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‘‘(B) during the taxable year, sold by such 
taxpayer to an unrelated person. 
‘‘(2) PRODUCTION
AND
SALE
MUST
BE
IN 
TRADE
OR
BUSINESS.—Any eligible material pro-
duced and sold by the taxpayer shall be taken into 
account only if the production and sale described in 
paragraph (1) is in a trade or business of the tax-
payer. 
‘‘(3) UNRELATED PERSON.— 
‘‘(A) IN GENERAL.—For purposes of this 
subsection, a taxpayer shall be treated as selling 
eligible material to an unrelated person if such 
eligible material is sold to such person by a per-
son related to the taxpayer. 
‘‘(B) ELECTION.— 
‘‘(i) IN GENERAL.—At the election of 
the taxpayer (in such form and manner as 
the Secretary may prescribe), a sale of eli-
gible material by such taxpayer to a re-
lated person shall be deemed to have been 
made to an unrelated person. 
‘‘(ii) REQUIREMENT.—As a condition 
of, and prior to, any election described in 
clause (i), the Secretary may require such 
information or registration as the Sec-
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retary deems necessary for purposes of 
preventing duplication, fraud, or any im-
proper or excessive amount determined 
under paragraph (1). 
‘‘(b) CREDIT AMOUNT.— 
‘‘(1) IN GENERAL.—Subject to paragraph (2), 
the amount determined under this subsection with 
respect to any eligible material shall be equal to— 
‘‘(A) in the case of a taxpayer producing 
eligible material at the initial production stage, 
the eligible rate shall be equal to 15 percent of 
the taxpayer’s cost of production, or 
‘‘(B) in the case of an eligible material 
with respect to which each input eligible mate-
rial is sourced— 
‘‘(i) domestically, 10 percent of the 
taxpayer’s cost of production, or 
‘‘(ii) domestically or from a country 
listed by the Secretary under subsection 
(d)(1), 7.5 percent of the taxpayer’s cost of 
production. 
‘‘(2) INCREASE IN CREDIT AMOUNT FOR MEET-
ING CERTAIN STANDARDS.—In the case of a tax-
payer that meets 1 of the following criteria with re-
spect to the eligible material with respect to which 
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the amount is determined under paragraph (1), the 
amount determined under paragraph (1) (deter-
mined without regard to this paragraph) shall be in-
creased by 10 percentage points: 
‘‘(A) Each employee, contractor, or sub-
contractor employed in relation to the produc-
tion of the eligible material by the taxpayer 
during the taxable year was paid wages at rates 
not less than the prevailing rates for the appli-
cable industry in the locality in which such pro-
duction occurred as most recently determined 
by the Secretary of Labor, in accordance with 
subchapter IV of chapter 31 of title 40, United 
States Code, and the taxpayer fulfilled the ap-
prenticeship requirements established by the 
Secretary under subsection (d)(2). 
‘‘(B) Produces— 
‘‘(i) a critical material that the Sec-
retary, in consultation with the heads of 
other relevant Federal agencies and de-
partments, determines has a supply which 
is significantly vulnerable to disruption (in-
cluding restrictions associated with foreign 
political risk, abrupt demand growth, mili-
tary conflict, violent unrest, anti-competi-
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tive or protectionist behaviors, and other 
risks throughout the supply chain), 
‘‘(ii) a qualified substitute, or 
‘‘(iii) a recycled critical material. 
‘‘(3) PHASE OUT.— 
‘‘(A) IN GENERAL.—In the case of any eli-
gible material sold after December 31, 2030, 
the amount determined under this subsection 
with respect to such material shall be equal to 
the product of— 
‘‘(i) the amount determined under 
paragraph (1) with respect to such mate-
rial, as determined without regard to this 
paragraph, multiplied by 
‘‘(ii) the phase out percentage under 
subparagraph (B). 
‘‘(B) 
PHASE
OUT
PERCENTAGE.—The 
phase out percentage under this subparagraph 
is equal to— 
‘‘(i) in the case of an eligible material 
sold during calendar year 2031, 75 per-
cent, 
‘‘(ii) in the case of an eligible material 
sold during calendar year 2032, 50 per-
cent, 
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