the following new paragraph: (42) the credit for production of rare earth magnets determined under section 45BB(a). . (c) Conforming amendment The table of sections for subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 45AA the following new item: Sec. 45BB. Credit for production of rare earth magnets. . (d) Effective date The amendments made by this Act shall apply to taxable years beginning after December 31, 2023.