NioCorp ‘praises’ Adrian Smith for bipartisan bill on rare earth production

NioCorp (NB) Developments is praising U.S. Rep. Adrian Smith for sponsoring bipartisan legislation, “The Critical Minerals Investment Tax Modernization Act”, that would deliver powerful tax incentives for mining in the U.S. of rare earth elements and scandium. The legislation would increase the depletion allowance for producers of rare earths and scandium from 14% to 22%, which matches the current rate set in federal law for minerals deemed the highest priority. “Given the critical importance to the Pentagon and multiple commercial sectors of rare earths and scandium, we believe setting the depletion rate for these elements at the priority depletion rate level is sound public policy,” said Mark Smith, CEO. “Rep. Adrian Smith deserves a great deal of praise for leading the effort in the Congress to provide appropriate tax incentives for the domestic mining of rare earths and scandium.The Congressman is an influential member of the House Ways and Means Committee, which considers tax law changes such as his bill proposes, and that greatly increases the likelihood that this important legislation can be enacted into law.”