(KLZA)-- Representatives Adrian Smith (R-NE), Jimmy Panetta (D-CA), and Guy Reschenthaler (R-PA) announced the introduction of the bipartisan Critical Minerals Investment Tax Modernization Act. The legislation would expand tax relief to support production of certain critical minerals important to national and economic security.

Nebraska Third District Congressman Smith says the bill will modernize existing tax deductions to boost domestic production and ensure the United States can meet the growing need for these valuable elements.

Representative Panetta said the bill would update outdated IRS rules to prioritize all U.S.-designated critical minerals, and that this step will help boost domestic production, reduce our reliance on foreign adversaries, and strengthen our supply chains.