Incentivizing Offshore Wind Power Act introduced in Senate

Source/Sponsor: 
Tom Carper (D-DE), Susan Collins (R-ME)
Creator/Author: 
Tom Carper (D-DE), Susan Collins (R-ME)
Description: 
Summary of the Incentivizing Offshore Wind Power Act
 
In order to recognize the longer start-up time for offshore wind facilities as compared to onshore wind facilities, this legislation amends Section 48 of the tax code by creating an investment offshore wind tax credit for the first 3,000 MW offshore wind facilities placed into service. The legislation would:
 
  • Require the Secretary of Treasury to consult with the Secretaries of Energy and Interior when establishing the credit;
  • Provide a 30 percent tax credit on the investment in offshore wind for the first 3,000 MW generated;
  • Give Treasury the authority to make the final decision on who is awarded the tax credit. Once a credit is awarded, companies would have five years to install the wind facility;
  • Prohibit companies from receiving other production or investment tax credits in addition to the offshore wind investment tax credit created under the bill; and
  • Define offshore facility as any facility located in the inland navigable waters of the United States, including the Great Lakes, or in the coastal waters of the United States, including the territorial seas of the United States, the exclusive economic zone of United States, and the outer Continental Shelf of the United States.
pdf
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Publication Date: 
Thursday, August 3, 2017
Resource Type: 
Document
Multi-State: