The "Forest Bioeconomy Act" seeks to significantly expand research and commercialization opportunities for forest products. It directs the Secretary of Agriculture, in coordination with the Secretary of Energy, to broaden research into wood utilization, aiming to establish new markets for low-value forest management materials and increase the economic viability of manufacturing these products, including their use as feedstock for renewable fuels.

To facilitate this, the bill establishes an Office of Technology Transfer within the Forest Service, led by a Chief Commercialization Officer, with a mission to enhance the commercial impact of Forest Service research and commercialize relevant technologies. A Technology Transfer Working Group will also be formed to coordinate activities, provide guidance to researchers, and report annually on key performance indicators related to technology transfer agreements and licenses.

The legislation also creates a Small Business Voucher Pilot Program to accelerate product development and commercialization in the forest products sector, providing vouchers for small businesses to utilize Forest Service research facilities for various activities, including research, development, and technology transfer, with specified cost-sharing requirements. This pilot program is set to expire in 2031, after which a report on its outcomes will be submitted to Congress.

Additionally, the bill establishes a Joint Mass Timber Science and Education Program to address the emerging research needs of architects, developers, and the forest products industry. This program will conduct practical research on topics like carbon impacts, flammability, and structural characteristics of mass timber, disseminate findings, and develop a curriculum for engineering and architecture schools on designing and constructing with mass timber.