Bill Would Create ITC for Offshore Wind

Thursday, August 3, 2017 - 9:45am

Sens. Tom Carper, D-Del., and Susan Collins, R-Maine, this week introduced the Incentivizing Offshore Wind Power Act, which would create an investment tax credit (ITC) for the first 3,000 megawatts (MW) of offshore wind facilities placed into service. Rather than the current sunset dates for the ITC, which gradually drops to 10 percent after 2021, and the production tax credit (PTC), which will expire after 2019, S. 1672 would expire after reaching the MW placed-in-service limit. The bill was introduced with 10 cosponsors.