Mass timber construction 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: 45V. Mass timber construction credit (a) In general For the purposes of section 38, the mass timber construction credit determined under this section for any taxable year is an amount equal to the product of— (1) the square footage of structures placed in service by the taxpayer during the taxable year in the course of the trade or business of the taxpayer which meet the requirements of subsection (b), multiplied by (2) $5. (b) Requirements (1) In general A structure meets the requirements of this paragraph if— (A) not less than 70 percent of the mass timber used to construct such structure 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) not less than 50 percent of the load-bearing structural components of such structure consist of mass timber. (2) Mass timber For purposes of this subsection, the term mass timber has the meaning given such term in section 48F(c)(2). (c) 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 (33), by striking the period at the end of paragraph (34) and inserting, plus, and by adding at the end the following new paragraph: (35) the mass timber construction credit determined under section 45V(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. 45V. Mass timber construction credit.. (d) Effective date The amendments made by this section shall apply structures placed in service after the date of the enactment of this section.