S 1397 112th Congress Senate Taxation Alternative and renewable resources Business investment and capital Great Lakes Income tax credits Marine and coastal resources, fisheries

Incentivizing Offshore Wind Power Act

Introduced: July 21, 2011 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 21, 2011

Read twice and referred to the Committee on Finance.

Jul 21, 2011

Introduced in Senate

Plain-English summary Congressional Research Service

Incentivizing Offshore Wind Power Act - Amends the Internal Revenue Code to: (1) allow a 30% tax credit for investment in a qualifying offshore wind facility (an offshore facility using wind to produce electricity), and (2) direct the Secretary of the Treasury to establish a qualifying credit for offshore wind facilities program to consider and award certifications for investments eligible for such a credit to qualifying offshore wind facility sponsors.

Requires the Secretary to review credits allocated under this Act periodically and authorizes the Secretary to make additional allocations and reallocations of such credits upon determining that: (1) the limit on the total amount of megawatt capacity for offshore facilities with respect to which credits may be allocated under the program has not been attained, or (2) scheduled placed-in-service dates of previously certified facilities have been significantly delayed and the applicant will not meet the required timeline.

What's happening now July 21, 2011

Read twice and referred to the Committee on Finance.

Committees of jurisdiction 1