Adjustment of percentage depletion rate for certain rare earths

(a) 22 percent depletion rate Section 613(b)(1)(B) of the Internal Revenue Code of 1986 is amended by inserting rare earths (in this subparagraph defined as the 15 lanthanide elements), scandium, before tantalum. (b) Effective date The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.