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Internal Revenue Code of 1986

The main body of federal tax law in the United States, which outlines how taxes are calculated and collected.

Percentage Depletion Rate

A special tax deduction for companies that extract natural resources (like minerals, oil, or gas), allowing them to deduct a certain percentage of their gross income from selling these resources from their taxable income.

Rare Earths

A group of 17 metallic elements that are crucial components in many high-tech products, including electronics, renewable energy technologies, and defense applications. This bill specifically defines them as the 15 lanthanide elements for tax purposes.

Lanthanide elements

A specific group of 15 chemically similar metallic elements that are a subset of the broader 'rare earths' category, found together in the periodic table.

Scandium

A metallic element that is often found alongside rare earths and is used in various high-tech applications, particularly in lightweight alloys for aerospace and sporting goods.

Taxable years

The annual accounting period (usually a calendar year or a fiscal year) for which a person or business calculates their income and files taxes.