Mass timber plant investment credit

(a) In general Subpart E of part IV of subchapter A of chapter 1 of subtitle A of the Internal Revenue Code of 1986 is amended by inserting after section 48E the following new section: 48F. Mass timber plant investment credit (a) In general For purposes of section 46, the mass timber plant investment credit for any taxable year is an amount equal to 30 percent of the qualified investment with respect to any qualifying mass timber plant if the taxpayer. (b) Qualified investment (1) In general For purposes of subsection (a), the qualified investment for any taxable year is the basis of eligible property placed in service by the taxpayer during such taxable year which is part of a qualifying mass timber plant. (2) Certain qualified progress expenditures rules made applicable Rules similar to the rules of subsections (c)(4) and (d) of section 46 (as in effect on the day before the enactment of the Revenue Reconciliation Act of 1990) shall apply for purposes of this section. (c) Definitions For purposes of this section— (1) Qualifying mass timber plant The term qualifying mass timber plant means a facility for manufacture of mass timber. (2) Mass timber The term mass timber means engineered wood products formed by bonding or mechanically fastening layers, laminations, or elements of wood to for structural components capable of bearing gravity and lateral loads, including— (A) cross-laminated timber, (B) glue-laminated timber, (C) dowel-laminated timber, (D) nail-laminated timber, (E) laminated veneer lumber designed for use as a primary structural element, (F) structural composite lumber and other engineered wood products designated as mass timber under the International Building Code, and (G) such other engineered wood products as the Secretary, in consultation with the Secretaries of Agriculture and Energy, determine appropriate. (3) Eligible property The term eligible property means any property— (A) which is necessary for— (i) the production of mass timber, (ii) re-equipping, expanding, or establishing a qualifying mass timber plant, (B) which is— (i) tangible personal property, or (ii) other tangible property (not including a building or its structural components), but only if such property is used as an integral part of the qualifying mass timber plant, and (C) with respect to which depreciation (or amortization in lieu of depreciation) is allowable. (d) Termination No credit shall be determined under subsection (a) for any taxable year beginning after December 31, 2030.. (b) Conforming amendments (1) Section 46 of such Code is amended— (A) in paragraph (6), by striking and, (B) in paragraph (7), by striking the period and inserting, and, and (C) by adding at the end the following new paragraph: (8) the mass timber plant investment credit.. (2) Section 49(a)(1)(C) of such Code is amended— (A) in clause (vii), by striking and, (B) in clause (viii), by striking the period and inserting, and, and (C) by adding at the end the following new clause (ix) the basis of any qualifying mass timber plant under section 48F.. (3) Section 50(a)(2)(E) of such Code is amended by striking or 48E(e) and inserting 48E(e), or 48F(b)(2). (c) Clerical amendment The table of sections for subpart E of part IV of subchapter A of chapter 1 of subtitle A of such Code is amended by inserting after the item relating to section 48E the following new item: Sec. 48F. Mass timber plant investment credit.. (d) Effective date The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.