Solid American Hardwood Tax Credit Act
Sponsored By: Senator Cindy Hyde-Smith
Introduced
Summary
Creates a new tax credit for homeowners who install U.S.-grown hardwood as "natural carbon sinks." This bill would add certain domestic hardwood flooring, millwork, cabinetry, and window frames to the energy-efficient home improvement credit and extend that credit through 2035, while ending the increased carbon capture credit for projects that begin construction after enactment.
Show full summary
- Homeowners: Homeowners could claim a credit for qualifying U.S.-grown hardwood installed on their principal residence. The sink must be new to the taxpayer and expected to remain in use at least 5 years.
- Domestic producers and builders: Flooring, paneling, millwork, cabinetry, and window or skylight frames made from deciduous trees grown and processed in the United States become eligible for the credit, creating demand for U.S. hardwood products.
- Carbon capture developers: The bill would prevent the increased carbon oxide (45Q) credit from applying to carbon capture equipment whose construction begins after enactment. The cutoff depends on each project's construction start date.
Your PRIA Score
Personalized for You
How does this bill affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this bill and every other piece of legislation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Homeowner tax credit for U.S. hardwood
If enacted, you would be able to claim a tax credit equal to what you paid for qualifying U.S.-grown hardwood installed in your main home. Qualifying products include flooring, paneling, millwork, cabinetry doors or facing, and window or skylight frames made from deciduous trees grown and processed in the United States. The materials must be first used by you and expected to stay in use at least five years. The credit would apply to property placed in service after the law is enacted and the program would run through 2035.
Ends increased carbon capture credit
If enacted, the bill would stop the larger Section 45Q carbon capture tax credit for any carbon capture equipment whose construction begins after enactment. The rule is made without regard to when the qualified facility starts construction. The change applies to property where construction begins after the date the law is enacted.
Free Policy Watch
You just read the policy. Now see what it costs you.
Pick a topic. PRIA runs your household against live legislation and sends you a free personalized readout.
Pick a topic to get started
Sponsors & CoSponsors
Sponsor
Cindy Hyde-Smith
MS • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.govTake It Personal
Get Your Personalized Policy View
Take the PRIA Score to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in