Bill > S1964

This bill modifies the existing energy efficient home improvement tax credit by adding a new provision for "natural carbon sink expenditures" that provides tax credits for homeowners who install certain wood products made from deciduous trees grown and processed in the United States. Specifically, the bill allows tax credits for home improvements involving flooring, paneling, millwork, cabinetry doors or facing, and window or skylight frames made from domestically sourced hardwood. To qualify, these wood products must be the original installation by the homeowner, installed in their primary residence, and reasonably expected to remain in use for at least 5 years. The bill also extends the existing energy efficient home improvement credit through 2035 and includes a separate provision terminating increased tax credits for carbon capture equipment after the date of the bill's enactment. The goal appears to be supporting the U.S. hardwood industry while incentivizing homeowners to use American-grown wood products that can act as carbon sinks, potentially helping to reduce carbon emissions through building material choices.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/1964/all-info