S 1672
115th 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 31, 2017
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 31, 2017
Read twice and referred to the Committee on Finance.
Jul 31, 2017
Introduced in Senate
Plain-English summary
Incentivizing 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 total amount of megawatt capacity for offshore facilities with respect to which credits may be allocated under the program may not exceed 3,000 megawatts.
The bill requires Treasury to review credits allocated under this bill 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
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1