Newton, Kansas-based Bunting has voiced its support for the Rare Earth Magnet Manufacturing Production Tax Credit Act (H.R. 5033), which it says can help provide U.S. suppliers with tax incentives for domestically producing rare earth magnets.
Bunting says the act was introduced in the House of Representatives Aug. 10 by Reps. Eric Swalwell (D-CA) and Guy Reschenthaler (R-PA).
A letter to four congressional leaders from a coalition of companies (including Bunting) and trade associations states in part, “This legislation would address market imbalances and help prevent non-market action from disrupting a resurgent rare earth industry in America. Moreover, this legislation would empower our industry to obtain necessary investments from the private sector and accelerate production.”
Bunting adds, “Currently, China supplies 90 percent of the world’s rare earth magnet needs, and 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, we support H.R. 5033’s efforts to support domestic manufacturing of rare earth magnets using domestic materials.”
The company says a domestic rare earth magnet supply chain will better enable it to provide magnet components used in several applications. In the recycling sector, Bunting supplies equipment to the scrap metal, material recovery facility and concrete crushing sectors, among others.
“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,” states the company.