taxable year is an amount equal to 30 percent of the basis of hemp farming property placed in service during the taxable year. (b) Eligible hemp farmer For purposes of this section, the term eligible hemp farmer means any person who— (1) engaged in the trade or business of hemp farming, and (2) has gross receipts for the preceding taxable year of not more than $250,000. (c) Hemp farming property For purposes of this section, the term hemp farming property means any property (of a character subject to the allowance for depreciation) which placed in service by the taxpayer for use in the trade or business of hemp farming. (d) Controlled groups and common control All persons treated as a single employer under subsections (a) and (b) of section 52 shall be treated as 1 person for purposes of subsection (b)(2). . (b) Part of investment credit Section 46 of such Code is amended by striking and at the end of paragraph (5), by striking the period at the end of paragraph (6) and inserting , and , and by adding at the end the following new paragraph: (7) the small hemp farmer credit. . (c) 50 -Percent basis reduction Section 50(c)(3) of such Code is amended by inserting or small hemp farmer credit after energy credit . (d) Clerical amendment The table of sections for subpart E of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 48C the following new item: Sec. 48D. Small hemp farmer credit. . (e) Effective date The amendments made by this section shall apply to property placed in service in taxable years beginning after December 31, 2020. 6. Marketability study and report (a) In general The Secretary of the Treasury, in consultation with the Secretary of Agriculture, shall study the issues described in subsection (b) with respect to the production of hemp and, not later than 1 year after the date of the enactment of this Act, submit to Congress a report of the findings of such study. (b) Issues The issues described in this subsection, with respect to the