Massachusetts Legislation Would Create ITC for Large Offshore Wind Properties

Wednesday, March 9, 2022 - 11:15am

Legislation introduced in the Massachusetts House of Representatives would create a state investment tax credit (ITC) of up to 50% for capital investment in large offshore wind facilities. H.B. 4524 would create the state ITC for offshore wind facilities that cost at least $50 million and employ at least 200 new full-time employees by their fifth year. The state credit would be taken over five years and the annual statewide cap for the offshore wind credits would be $50 million.

Offshore wind facilities and other emerging technology will be among the topics at the Novogradac 2022 Spring Renewable Energy and Environmental Tax Credits Conference, May 19-20 in Denver.