All American Metal Act
Summary
The "All American Metal Act" proposes amending the Internal Revenue Code of 1986 to expand the advanced manufacturing production credit to include recycled copper. This expansion specifically targets copper produced from recycled materials and purified to a minimum of 99.9% purity. The bill aims to incentivize the production and use of recycled copper by offering tax credits.
Expected Effects
If enacted, the bill would likely increase the demand for and production of recycled copper within the United States. This could lead to greater investment in recycling infrastructure and technologies. The tax credit would apply to components produced and sold in taxable years beginning after December 31, 2024.
Potential Benefits
- Increased recycling of copper materials.
- Potential for new jobs in the recycling and purification industries.
- Reduced reliance on newly mined copper, conserving natural resources.
- Lower energy consumption compared to traditional copper production.
- Support for domestic manufacturing through tax incentives.
Potential Disadvantages
- Potential for increased costs to taxpayers through tax credits.
- Possible administrative burden in verifying the source and purity of recycled copper.
- Risk of fraud or abuse in claiming the tax credit.
- May create an uneven playing field for companies that do not use recycled copper.
- Potential for unintended consequences in the copper market.
Constitutional Alignment
The bill appears to align with the general welfare clause of the Constitution, as it aims to promote economic activity and environmental sustainability. Article I, Section 8 grants Congress the power to lay and collect taxes, duties, imposts, and excises, which includes the power to create tax credits as incentives for specific industries or activities. The bill does not appear to infringe upon any specific constitutional rights or limitations.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).