US HB7245

Creates a 30% tax credit for investments in mass timber manufacturing plants, covering equipment and property for producing engineered wood products like cross-laminated timber, glue-laminated timber, and similar structural materials

Establishes a 50% tax credit for workforce development expenses in the mass timber industry, capped at $8,000 per employee, covering hiring, recruitment, training, and wages for apprenticeship participants

Provides a $5 per square foot construction tax credit for buildings where at least 50% of load-bearing structural components are mass timber

Requires at least 70% of mass timber used in qualifying projects to come from certified sustainable sources (Forest Stewardship Council, Sustainable Forest Initiative, or approved state/federal forest management plans)

All three tax credits expire December 31, 2030