Bunting supports Rare Earth Magnet Manufacturing Production Tax Credit Act in U.S.
On August 10, 2021, Representatives Swalwell (CA-15) and Reschenthaler (PA-14) introduced the bipartisan Rare Earth Magnet Manufacturing Production Tax Credit Act (H.R. 5033) to provide U.S. suppliers with tax incentives for domestically producing rare earth magnets.
Currently, China supplies 90 percent of the world's rare earth magnet needs, and according to Bunting Magnetics Co., it is essential to support domestic rare earth infrastructure so that the U.S. does not remain subject to the actions of foreign governments.
Bunting says it is proud to be part of the coalition urging Congress to include the production tax credit for rare earth magnets proposed in H.R. 5033. As a leader in the design and manufacture of magnetic equipment, custom magnets, and magnetic assemblies, for recycling, food production and a range of industries worldwide, the company fully supports H.R. 5033's efforts to support domestic manufacturing of rare earth magnets using domestic materials.
According to the company: "A domestic rare earth magnet supply chain will better enable Bunting to provide the magnet components used in essential applications including recycling, plastics manufacturing, food safety, national defense, automotive, medical, and more. Rare earth magnets are key to advancing new technologies that will drive economic growth and quality of life for all Americans.
"Bunting is excited to see the potential this legislation has for addressing market imbalances and preventing non-market action from disrupting a resurgent rare earth industry in the U.S. This legislation would empower Bunting and our industry peers to build a domestic rare earth magnet supply chain that is free of foreign reliance and supports the growth and innovation of the American economy."