REPS. INTRODUCE BILL TO EXTEND ITC TO OFFSHORE WIND PROJECTS
Reps. Bill Pascrell Jr., D-N.J., and Frank LoBiondo, R-N.J., yesterday introduced H.R. 3238, the Incentivizing Offshore Wind Power Act, to provide financial incentives for investing in offshore wind energy. The bill would extend the 30 percent investment tax credit (ITC) to the first 3,000 megawatts (MW) of offshore wind facilities placed in service. After the tax credit is awarded, companies would have five years to install the offshore wind facility and would not be eligible to claim other production or investment tax credits. The text of H.R. 3238 is available on the Renewable Energy Legislation page.