(KLZA)-- NioCorp Developments is praising U.S. Rep. Adrian Smith (R-NE) for sponsoring bipartisan legislation that would deliver 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.

Congressman Smith represents the Third Congressional District of Nebraska, which encompasses the town of Elk Creek and the surrounding region of southeast Nebraska, where NioCorp's proposed Elk Creek Critical Minerals Project is located (the “Elk Creek Project”).