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ARTICLE · 22 AUGUST 2022

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Offshore Wind And The US Inflation Reduction Act

Mayer Brown
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The Inflation Reduction Act of 2022 (IRA), which was signed into law by President Joe Biden on August 16, 2022, has the potential to shape offshore wind development for the foreseeable future.

United StatesEnergy and Natural Resources
Amanda L. Rosenberg
Amanda L. Rosenberg
Lauren A. Bachtel
Lauren A. Bachtel
Daniel T. Kiely
Daniel T. Kiely
Eric Pogue
Eric Pogue
Paul Astolfi
Paul Astolfi
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The Inflation Reduction Act of 2022 (IRA), which was signed into law by President Joe Biden on August 16, 2022, has the potential to shape offshore wind development for the foreseeable future. Among other things, the IRA modifies the investment tax credit requirements for offshore wind projects, ties offshore wind leasing to offshore oil and gas leasing while also opening new areas for potential offshore wind development, and appropriates additional funds for the planning and development of interregional electricity transmission and transmission of electricity generated by offshore wind.

Tax Credits

There are now more onerous requirements for offshore wind projects to qualify for investment tax credits (ITCs) at the full rate but a renewed opportunity to claim production tax credits (PTCs).

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