Another Push Offshore: Proposed Legislation Introduced To Incentivize Offshore Wind Projects

The proposed bills would specifically apply the production tax credit and the investment tax credit to offshore wind facilities and would provide for a January 1, 2020, expiration date of these tax credits.

On March 3, 2010, Senators Tom Carper (D-DE), Olympia Snowe (R-ME), Sherrod Brown (D-OH) and Susan Collins (R-ME) introduced legislation to provide tax incentives for the production of offshore wind energy. The proposed bill, S. 3062, would specifically apply the production tax credit (PTC) pursuant to Code Section 45 to offshore wind facilities and would provide for a January 1, 2020, expiration date of this PTC. The investment tax credit pursuant to Section 48 would also be amended to apply to offshore facilities placed in service after 2008 and before 2020. The bill defines an "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