Two US Democratic senators and a Republican congressman have reintroduced legislation in the US Congress to extend tax credits for offshore wind to 2025 from the current 2019 cut off.
Democratic senators Edward Markey and Sheldon Whitehouse and Republican congressman Jim Langevin have reintroduced the Offshore Wind Incentives for New Development Act.
They said that because of the longer planning and permitting times currently needed for offshore wind no additional projects are projected to be able to qualify for tax credits before they expire in 2019.
Markey said: “Offshore wind has the potential to create tens of thousands of jobs in Massachusetts and up and down the East Coast, encourage local innovation and reduce carbon pollution.
“But in order to realize this potential, we need to provide this nascent industry the long-term certainty in the tax code that it needs.”
Image: US Congress
Congress mulls offshore tax break
Bipartisan proposal would increase cut off to 2025 from 2019 currently
By EBS