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Rare Earth Magnet

A high-performance permanent magnet made from specific alloys like neodymium, iron, and boron, or samarium and cobalt, known for their strong magnetic properties essential for many advanced technologies.

Tax Credit

A direct reduction in the amount of income tax a person or company owes, dollar for dollar, which can make domestic production more financially attractive.

Component Rare Earth Material

Specific metallic elements, such as neodymium, dysprosium, and cobalt, that are used as key ingredients to manufacture rare earth magnets.

Intrinsic Coercivity

A technical measure of a magnet's ability to resist demagnetization, indicating how strong and stable its magnetic field is under external influences.

Non-Allied Foreign Nation

A country that is not considered an ally of the United States, as defined by other existing defense legislation, from which sourcing materials for magnets would be restricted for the credit.

Elective Payment

A choice for a business to receive the value of a tax credit as a direct cash payment from the government, even if they don't have enough tax liability to use the full credit to offset taxes owed.