Bill > HR3322

This bill amends the Internal Revenue Code to expand the existing energy efficient home improvement tax credit by adding a new credit for "natural carbon sink expenditures". Specifically, the bill provides a tax credit for homeowners who install wood products made from deciduous trees grown and processed in the United States, such as flooring, paneling, millwork, cabinetry, doors, windows, and skylights. To qualify for the credit, these wood products must be installed in the taxpayer's primary residence, be the original installation by the homeowner, and be reasonably expected to remain in use for at least 5 years. The bill extends the existing energy efficient home improvement credit's sunset date from 2032 to 2035, allowing homeowners to claim this new credit for wood products during that timeframe. The tax credit aims to incentivize the use of American-grown and processed wood products, which can act as carbon sinks by storing carbon dioxide and potentially reducing greenhouse gas emissions. The amendments would apply to property placed in service after the date of the bill's enactment.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/3322/all-info