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.
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Mr. CARPER (for himself, Ms. SNOWE, Mr. MENENDEZ, Ms. COLLINS, Mr. COONS, Mr. WHITEHOUSE, Mr. BROWN of Ohio, Mr. REED, Mr. LAUTENBERG, and Mr. CARDIN) introduced the following bill; which was read twice and referred to the Committee on FinanceCommentsClose CommentsPermalink
SECTION 1. SHORT TITLE.
SEC. 2. QUALIFYING OFFSHORE WIND FACILITY CREDIT.
(a) In General- Section 46 of the Internal Revenue Code of 1986 is amended by striking ‘and’ at the end of paragraph (5), by striking the period at the end of paragraph (6), and by adding at the end the following new paragraph:CommentsClose CommentsPermalink
‘SEC. 48E. CREDIT FOR OFFSHORE WIND FACILITIES.
‘(a) In General- For purposes of section 46, the qualifying offshore wind facility credit for any taxable year is an amount equal to 30 percent of the qualified investment for such taxable year with respect to any qualifying offshore wind facility of the taxpayer.CommentsClose CommentsPermalink
‘(1) IN GENERAL- For purposes of subsection (a), the qualified investment for any taxable year is the basis of eligible property placed in service by the taxpayer during such taxable year which is part of a qualifying offshore wind facility.CommentsClose CommentsPermalink
‘(2) CERTAIN QUALIFIED PROGRESS EXPENDITURES RULES MADE APPLICABLE- Rules similar to the rules of subsections (c)(4) and (d) of section 46 (as in effect on the day before the enactment of the Revenue Reconciliation Act of 1990) shall apply for purposes of this section.CommentsClose CommentsPermalink
‘(B) OFFSHORE FACILITY- The term ‘offshore facility’ means any facility located in the inland navigable waters of the United States, including the Great Lakes, or in the coastal waters of the United States, including the territorial seas of the United States, the exclusive economic zone of United States, and the outer Continental Shelf of the United States.CommentsClose CommentsPermalink
‘(ii) other tangible property (not including a building or its structural components), but only if such property is used as an integral part of the qualifying offshore wind facility, andCommentsClose CommentsPermalink
‘(A) IN GENERAL- Not later than 180 days after the date of the enactment of this section, the Secretary, in consultation with the Secretary of Energy and the Secretary of the Interior, shall establish a qualifying credit for offshore wind facilities program to consider and award certifications for qualified investments eligible for credits under this section to qualifying offshore wind facility sponsors.CommentsClose CommentsPermalink
‘(B) LIMITATION- The total amount of megawatt capacity for offshore facilities with respect to which credits may be allocated under the program shall not exceed 3,000 megawatts.CommentsClose CommentsPermalink
‘(A) APPLICATION PERIOD- Each applicant for certification under this paragraph shall submit an application containing such information as the Secretary may require beginning on the date the Secretary establishes the program under paragraph (1).CommentsClose CommentsPermalink
‘(B) PERIOD OF ISSUANCE- An applicant which receives a certification shall have 5 years from the date of issuance of the certification in order to place the facility in service and if such facility is not placed in service by that time period, then the certification shall no longer be valid.CommentsClose CommentsPermalink
‘(A) REVIEW- Periodically, but not later than 4 years after the date of the enactment of this section, the Secretary shall review the credits allocated under this section as of the date of such review.CommentsClose CommentsPermalink
‘(B) ADDITIONAL ALLOCATIONS AND REALLOCATIONS- The Secretary may make additional allocations and reallocations of credits under this section if the Secretary determines that--CommentsClose CommentsPermalink
‘(ii) scheduled placed-in-service dates of previously certified facilities have been significantly delayed and the Secretary determines the applicant will not meet the timeline pursuant to paragraph (2)(B).CommentsClose CommentsPermalink
‘(C) ADDITIONAL PROGRAM FOR ALLOCATIONS AND REALLOCATIONS- If the Secretary determines that credits under this section are available for further allocation or reallocation, but there is an insufficient quantity of qualifying applications for certification pending at the time of the review, the Secretary is authorized to conduct an additional program for applications for certification.CommentsClose CommentsPermalink
‘(5) DISCLOSURE OF ALLOCATIONS- The Secretary shall, upon making a certification under this subsection, publicly disclose the identity of the applicant and the amount of the credit with respect to such applicant.CommentsClose CommentsPermalink
(2) The table of sections for subpart E of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 48D the following new item:CommentsClose CommentsPermalink
(d) Effective Date- The amendments made by this section shall apply to periods after the date of the enactment of this Act, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1986 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).CommentsClose CommentsPermalink