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Legislation Would Create ITC, PTC for Manufacturing Offshore Wind Turbine Components

Monday, August 16, 2021 - 9:45AM

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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