Government Energy Policy, Business and Technology

Wind in the Sails of Offshore Wind Farms: Recent Developments in Incentives

Renewable Energy World: On May 11, Sens. Edward J. Markey (D-Mass.), Sheldon Whitehouse (D-R.I.) and Rep. Jim Langevin (D-R.I.-2) introduced the Offshore Wind Incentives for New Development Act or, simply, the Offshore WIND Act. The Offshore WIND Act would extend the 30 percent investment tax credit (ITC) under Section 48 of the Internal Revenue Code (Code) for offshore wind through 2025.

As reported in the press release announcing introduction of the legislation, the Offshore WIND Act is co-sponsored by Sens. Jeff Merkley (D-Ore.), Elizabeth Warren (D-Mass.), Jack Reed (D-R.I.), Cory Booker (D-N.J.) and Sherrod Brown (D-Ohio), and is supported by a number of stakeholders, including the League of Conservation Voters, NRDC, Environment America, Sierra Club, Oceana, Union of Concerned Scientists, Mass Audubon and the Conservation Law Foundation.

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