Massachusetts Gov. Charlie Baker signed into law a broad clean energy bill that creates a 50% investment tax credit (ITC) for large offshore wind facilities. H. 5060 allows the offshore wind tax credit to be taken ratably over five years and applies to properties where the owner or tenant has a total capital investment of at least $35 million and employs at least 200 new full-time employees by the fifth year. For tenants to take the credit, they must occupy at least 25% of the owner’s capital investment in the facility. The credit has a $35 million annual statewide cap.

Hear more about state clean energy credits and energy provisions in the Inflation Reduction Act at the Novogradac 2022 Fall Renewable Energy and Environmental Tax Credits Conference, Nov. 3-4 in Washington, D.C.