H.R. 10852
Mass Timber Growth and Innovation Act
Sponsor: Andrea Salinas
2 cosponsors
Official summary
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Text of the bill
This Act may be cited as the Mass Timber Growth and Innovation Act.
(a) Application of credit to mass timber production facilities. Section 48D(b)(3) of the Internal Revenue Code of 1986 is amended to read as follows:
(3) Advanced manufacturing facility. For purposes of this section—
(A) In general. The term advanced manufacturing facility means a facility for which the primary purpose is the manufacturing of—
(i) semiconductors or semiconductor manufacturing equipment, or
(ii) mass timber products.
(B) Mass timber products. The term mass timber products means cross-laminated timber, nail laminated timber, glue laminated timber, laminated strand lumber, laminated hardwood veneer, and any similar timber or lumber which is identified by the Secretary (after consultation with the Secretary of Agriculture) as a mass timber product for purposes of this section.
(b) Credit percentage. Section 48D(a) of such Code is amended by inserting (10 percent in the case an advanced manufacturing facility the primary purpose of which is the manufacturing of mass timber products) after 35 percent.
(c) Extension of credit. Section 48D(e) of such Code is amended by striking December 31, 2026 and inserting December 31, 2031.
(d) Effective date
(1) In general. Except as otherwise provided in this subsection, the amendments made by this section shall apply to property placed in service on or after the date of the enactment of this Act, and for any property the construction of which begins before such date, only to the extent of the basis thereof attributable to the construction, reconstruction, or erection on or after such date.
(2) Extension of credit. The amendment made by subsection (c) shall apply to property the construction of which begins after December 31, 2026.
(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.