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Legislation Would Create ITC, PTC for Manufacturing Offshore Wind Turbine Components
Four Democratic senators introduced legislation to promote offshore wind energy through tax credits. The Offshore Wind Manufacturing Act of 2021 would provide a manufacturing investment tax credit (ITC) and a production tax credit (PTC) for facilities that produce offshore wind turbine components. Qualified facilities would receive a 30% ITC and the PTC would be from 2 cents to 5 cents per watt, multiplied by the total rated capacity of the turbine. The ITC would remain 30% until 2028 and then phase down, while the PTC would be available through 2030. The legislation was introduced by Sens. Edward Markey, D-Massachusetts, Robert Menendez, D-New Jersey, Elizabeth Warren, D-Massachusetts, Cory Booker, D-New Jersey.
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