Bipartisan legislation recently introduced in the U.S. House of Representatives would provide targeted incentives to expand domestic production of mass timber. The goal is to lower housing construction costs, strengthen domestic manufacturing and create jobs in rural communities.
The Mass Timber Growth and Innovation Act would modify the Advanced Manufacturing Investment Credit to create a 10 percent tax credit for investments in mass timber manufacturing facilities. The credit would include machinery, equipment and building costs.
The bill also would create a 20 percent credit completely covering companies’ mass timber research costs.
“The northern tier of Pennsylvania historically has been a leader in timber production, and this important industry has done its part to drive local economies for generations,” U.S. Rep. Glenn Thompson (R-PA), who co-sponsored the bill, said. “The Mass Timber Growth and Innovation Act will strengthen the forest products industry and fund future research, which will drive innovation and the future of timber usage.”
Mass timber products are manufactured by bonding or fastening wood layers to create strong structural components. The products can be manufactured off-site and assembled quickly, meaning they can reduce construction timelines and costs. They also can be used where traditional wood framing may not be practical.
U.S. Rep. Andrea Salinas (D-OR) introduced the bill.