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BILLS INTRODUCED TO ENCOURAGE OFFSHORE WIND ENERGY PRODUCTION

Thursday, February 28, 2013 - 8:00AM

Sens. Tom Carper, D-Del., and Susan Collins, R-Maine, and Congressmen Bill Pascrell, Jr., D-N.J., and Frank LoBiondo, R-N.J., introduced the Incentivizing Offshore Wind Power Act, to provide financial incentives for investing in offshore wind energy. The bills would extend investment tax credits for the first 3,000 megawatts (MW) of offshore wind facilities placed in service. The senators say the credit is vital for offshore wind energy technology because there is a much longer lead time for the permitting and construction of those projects. After the tax credit is awarded, companies would have five years to install the offshore wind facility and would not be eligible to claim other production or investment tax credits.

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