Tax Credits for Mass Timber Production, Workforce, and Sustainable Construction.
This bill establishes three new tax credits aimed at boosting investment in the manufacturing and use of innovative engineered wood products (mass timber) in construction. Citizens may see indirect effects through the promotion of sustainable building practices, job creation in forestry and construction, and potential shifts in construction costs. These credits are set to expire at the end of 2030.
Key points
A 30% tax credit is available for businesses investing in new facilities and equipment used to manufacture mass timber products.
A 50% credit is introduced for qualified expenses related to training and hiring workers in the mass timber sector, capped at $8,000 per employee annually.
Construction companies receive a $5 per square foot tax credit for new structures where at least 50% of load-bearing components are made from certified mass timber.
Status:
Introduced
Civic Will
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.