Sens. Collins, Carper introduce bill to extend wind investment tax credit to incentivize offshore wind
U.S. Sens. Susan Collins (R-ME) and Tom Carper (D-DE) recently introduced a bill to extend the wind investment tax credit (ITC) to encourage investments in offshore wind power.
The Incentivizing Offshore Wind Power Act would extend the wind ITC at 30 percent for offshore wind projects that commence construction by Jan. 1, 2027, or the year after the United States has reached 3,000 megawatts of new offshore wind capacity, whichever is later.
The bill would also lower consumer costs by retroactively eliminating the current tax credit phase-down.
“Within 50 miles of the U.S. coast, there is enough offshore wind capacity to power our country four times over,” Collins said. “Our bipartisan bill would provide a tax credit to help companies continue to develop this clean source of energy, including off the coast of Maine, where projects such as Aqua Ventus at the University of Maine have the potential to support more than 2,000 good-paying jobs in our state.”
The legislation is cosponsored by Sens. Angus King (I-ME), Sherrod Brown (D-OH), Ben Cardin (D-MD), Chris Coons (D-DE), Bob Menendez (D-NJ), Jack Reed (D-RI), Brian Schatz (D-HI), Elizabeth Warren (D-MA), and Sheldon Whitehouse (D-RI).
“In a few short months, critical tax credits that help spur U.S. offshore wind development and manufacturing and help bring down consumer costs will expire, just as the industry is starting to take off in this country,” Carper said. “The Incentivizing Offshore Wind Power Act provides a long-term extension of the offshore wind investment tax credit to ensure offshore wind – and the manufacturing and construction jobs that go along with the industry – are a reality in this country. We’ve already seen in red and blue states alike how onshore wind energy can fuel job growth and reduce harmful pollution. I believe the potential for offshore wind is even greater. I’m hopeful that the Senate will come together in a bipartisan way to support this legislation.”
