Mass timber workforce development credit

(a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 45U. Mass timber workforce development credit (a) In general For the purposes of section 38, in the case of an eligible taxpayer, the mass timber workforce development credit determined under this section for any taxable year is an amount equal to 50 percent of the qualified expenses of the taxpayer for the taxable year. (b) Eligible taxpayer For purposes of this section, the term eligible taxpayer means a taxpayer in the trade or business of— (1) manufacturing mass timber products, (2) construction contracting, fabrication, or installing mass timber products or structures made from mass timber products, or (3) architecture and engineering relating to mass timber design, installation, or construction. (c) Qualified expenses (1) In general For purposes of this section, the term qualified expenses means any of the following expenses incurred for the purposes of conducting an activity described in subsection (b): (A) Hiring and recruitment expenses. (B) Training expenses. (C) Wages paid to an individual participating in— (i) a registered apprenticeship program (as defined in section 3131(e)(3)(B)), (ii) a State workforce training program, or (iii) an industry-recognized training program. (2) Requirements An activity meets the requirements of this paragraph if— (A) not less than 70 percent of the mass timber used to carry out such activity is from sources of mass timber certified by the Forest Stewardship Council, the Sustainable Forest Initiative, or a State or Federal forest managed under an approved forest management plan, and (B) in the case of a structure constructed by the taxpayer, not less than 50 percent of the load-bearing structural components must consist of mass timber. (3) Limitation The amount taken into account with respect to any employee of a taxpayer under paragraph (1) for any taxable year shall not exceed $8,000. (d) Mass timber For purposes of this section, the term mass timber has the meaning given such term in section 48F(c)(2). (e) Termination No credit shall be determined under subsection (a) for any taxable year beginning after December 31, 2030.. (b) Credit To be part of general business credit Section 38(b) of such Code is amended by striking plus at the end of paragraph (32), by striking the period at the end of paragraph (33) and inserting, plus, and by adding at the end the following new paragraph: (34) in the case of an eligible taxpayer (as defined in section 45U), the mass timber workforce development credit determined under section 45U(a).. (c) Clerical amendment The table of sections for subpart D of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 45T the following new item: Sec. 45U. Mass timber workforce development credit.. (d) Effective date The amendments made by this section shall apply to expenses paid or incurred after the date of the enactment of this section.