Incentivizing Offshore Wind Power Act introduced in Senate
- Require the Secretary of Treasury to consult with the Secretaries of Energy and Interior when establishing the credit;
- Provide a 30 percent tax credit on the investment in offshore wind for the first 3,000 MW generated;
- Give Treasury the authority to make the final decision on who is awarded the tax credit. Once a credit is awarded, companies would have five years to install the wind facility;
- Prohibit companies from receiving other production or investment tax credits in addition to the offshore wind investment tax credit created under the bill; and
- Define offshore facility as 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.