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Legislation Would Establish ITC, PTC for Domestic Manufacturing of Onshore Wind Energy Components
Legislation to establish renewable energy investment tax credits (ITCs) and production tax credits (PTCs) for the domestic manufacturing of onshore wind energy components was introduced in both houses of Congress. The Onshore Wind American Manufacturing Act would create a 30% ITC for U.S.-based facilities that manufacture or assemble qualified onshore wind components. The bill would also establish a PTC worth 2 cents to 5 cents per watt and a 10% to 30% credit for related vehicles or specialty equipment designed to transport, install or maintain onshore wind components. The legislation requires prevailing wages for laborers and mechanics involved in the construction and expansion of qualified manufacturing facilities. The Senate bill was introduced by Sens. Michael Bennet, D-Colorado, and Debbie Stabenow, D-Michigan. The House bill was introduced by Rep. Brad Schneider, D-Illinois.
The affect of federal legislation on the renewable energy world will be a topic at the Novogradac 2021 Fall Renewable Energy and Environmental Tax Credits Conference, Nov. 4-5 in Washington, D.C.