A group of federal Democratic senators have introduced a bill in the US Congress to extend the investment tax credit (ITC) for offshore wind through 2025.
The legislators said they’re trying to spur the growth of the industry by providing long-term certainty to developers.
The 30% ITC and the production tax credit, which is used by onshore wind developers, were extended until 2019 in a 2015 omnibus bill.
However, offshore energy development requires longer planning and permitting times, thus the Energy Department has found that no offshore wind projects are expected to qualify for these tax credits before they expire, said the senators.
“This bill will keep an important tax credit on the books so New England and other coastal and Great Lakes areas can continue to reap the benefits of offshore wind,” said Massachusetts senator Edward Markey.
The Offshore Wind Incentives for New Development (WIND) Act has been referred to the Senate finance committee.
Image: US Capitol Congress
Democrats push offshore offensive
US senators introduce proposal to extend wind tax breaks to 2025
By EBS