S.1397 - Incentivizing Offshore Wind Power Act

A bill to amend the Internal Revenue Code of 1986 to provide for an investment tax credit related to the production of electricity from offshore wind. view all titles (2)

All Bill Titles

  • Official: A bill to amend the Internal Revenue Code of 1986 to provide for an investment tax credit related to the production of electricity from offshore wind. as introduced.
  • Short: Incentivizing Offshore Wind Power Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
07/21/11
 
 
 
 
 
 
 

Sponsor

Senator

Thomas Carper

D-DE

View Co-Sponsors (12)

Official Summary

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 cre

Official Summary

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.

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