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Offshore WIND Act

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To amend the Internal Revenue Code of 1986 to provide for an investment tax credit related to the production of electricity from offshore wind.


IN THE HOUSE OF REPRESENTATIVES
 

Mr. Vinick, for himself, with a special thanks to Mr. Langevin introduced the following bill;


A BILL

To amend the Internal Revenue Code of 1986 to provide for an investment tax credit related to the production of electricity from offshore wind.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the “Offshore Wind Incentives for New Development Act” or the “Offshore WIND Act”.

SEC. 2. ENERGY CREDIT FOR QUALIFIED OFFSHORE WIND FACILITIES.

 

(a) In General.—Section 48 of the Internal Revenue Code is amended—

(1) in subsection (a)—

(A) in paragraph (2)(A)(i)—

(i) in subclause (III), by striking “and” at the end; and

(ii) by adding at the end the following new subclause:

“(V) qualified offshore wind property, and”; and

(B) in paragraph (3)(A)—

(i) in clause (vi), by striking “or” at the end;

(ii) in clause (vii), by adding “or” at the end; and

(iii) by adding at the end the following new clause:

“(viii) qualified offshore wind property, but only with respect to periods ending before January 1, 2026,”; and

(2) in subsection (c), by adding at the end the following new paragraph:

“(5) QUALIFIED OFFSHORE WIND PROPERTY.—

“(A) IN GENERAL.—The term ‘qualified offshore wind property’ means a facility which—

“(i) uses wind to produce electricity, and

“(ii) is 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 the United States, and the outer Continental Shelf of the United States.

“(B) EXCEPTION FOR QUALIFIED SMALL WIND ENERGY PROPERTY.—The term ‘qualified offshore wind property’ shall not include any property described in paragraph (4).”.

(b) Effective Date.—The amendments made by this section shall take effect on the date of the enactment of this Act.

 

PES: 

This bill amends the Internal Revenue Code to expand the tax credit for investment in energy property to include a qualified offshore wind property until January 1, 2026.

A "qualified offshore wind property" is a facility that: (1) uses wind to produce electricity; and (2) is 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 the United States, and the outer Continental Shelf of the United States. The term excludes certain small wind energy property that uses a small wind turbine to generate electricity.

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Environmentalist and business goals often conflict, but here they seem to be in tune. It's pretty clear what each gets out of this- the former gets government support of green energy, while the latter gets incentives to invest in that green energy and make some money along the way.

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