H.R. 10852
Mass Timber Growth and Innovation Act
Sponsor: Andrea Salinas
2 cosponsors
Official summary
No official summary yet.
Text of the bill
(a) In general. Section 41(a) of the Internal Revenue Code of 1986 is amended by striking and at the end of paragraph (2), by striking the period at the end of paragraph (3) and inserting , and, and by adding at the end the following new paragraph:
(4) 20 percent of the qualified mass timber products research expenses for the taxable year.
(b) Qualified mass timber products research expenses. Section 41(b) of such Code is amended by adding at the end the following new paragraph:
(5) Qualified mass timber products research expenses
(A) In general. The term qualified mass timber products research expenses means qualified research expenses with respect to mass timber products research.
(B) Mass timber products research. The term mass timber products research means qualified research with respect to—
(i) any mass timber product (as defined in section 48D(b)(3)(B)), or
(ii) any new or proposed product which is identified for purposes of this paragraph by the Secretary (after consultation with the Secretary of Agriculture) as being similar to such a mass timber product.
(c) Effective date. The amendments made by this section shall apply to amounts paid or incurred after the date of the enactment of this Act.