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HR 4088 114th Congress House Taxation Alternative and renewable resources Business investment and capital Great Lakes Income tax credits Marine and coastal resources, fisheries

Promoting Offshore Wind Power Act

Introduced: November 19, 2015 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 19, 2015
Referred to the House Committee on Ways and Means.
Nov 19, 2015
Introduced in House
 Plain-English summary Congressional Research Service

Promoting Offshore Wind Power Act

This bill 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 Department 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.

The bill requires Treasury to review credits allocated under this Act periodically and authorizes Treasury 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 for certification will not meet the required timeline.

What's happening now November 19, 2015

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2