[Pages S689-S690]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 3289. Mr. CARPER submitted an amendment intended to be proposed to 
amendment SA 2953 proposed by Ms. Murkowski to the bill S. 2012, to 
provide for the modernization of the energy policy of the United 
States, and for other purposes; which was ordered to lie on the table; 
as follows:

       At the appropriate place, insert the following:

     SEC. ____. QUALIFYING OFFSHORE WIND FACILITY CREDIT.

       (a) In General.--Section 46 of the Internal Revenue Code of 
     1986 is amended--
       (1) by striking ``and'' at the end of paragraph (5),
       (2) by striking the period at the end of paragraph (6) and 
     inserting ``, and'', and
       (3) by adding at the end the following new paragraph:
       ``(7) the qualifying offshore wind facility credit.''.
       (b) Amount of Credit.--Subpart E of part IV of subchapter A 
     of chapter 1 of the Internal Revenue Code of 1986 is amended 
     by inserting after section 48D the following new section:

     ``SEC. 48E. CREDIT FOR OFFSHORE WIND FACILITIES.

       ``(a) In General.--For purposes of section 46, the 
     qualifying offshore wind facility credit for any taxable year 
     is an amount equal to 30 percent of the qualified investment 
     for such taxable year with respect to any qualifying offshore 
     wind facility of the taxpayer.
       ``(b) Qualified Investment.--
       ``(1) In general.--For purposes of subsection (a), the 
     qualified investment for any taxable year is the basis of 
     eligible property placed in service by the taxpayer during 
     such taxable year which is part of a qualifying offshore wind 
     facility.
       ``(2) Certain qualified progress expenditures rules made 
     applicable.--Rules similar to the rules of subsections (c)(4) 
     and (d) of section 46 (as in effect on the day before the 
     enactment of the Revenue Reconciliation Act of 1990) shall 
     apply for purposes of this section.
       ``(c) Definitions.--For purposes of this section--
       ``(1) Qualifying offshore wind facility.--
       ``(A) In general.--The term `qualifying offshore wind 
     facility' means an offshore facility using wind to produce 
     electricity.
       ``(B) Offshore facility.--The term `offshore facility' 
     means any facility located in the inland navigable waters of 
     the United States, including the Great Lakes, or in the 
     coastal waters of the United States, including the 
     territorial seas of the United States, the exclusive economic 
     zone of United States, and the outer Continental Shelf of the 
     United States.
       ``(2) Eligible property.--The term `eligible property' 
     means any property--
       ``(A) which is--
       ``(i) tangible personal property, or
       ``(ii) other tangible property (not including a building or 
     its structural components), but only if such property is used 
     as an integral part of the qualifying offshore wind facility, 
     and
       ``(B) with respect to which depreciation (or amortization 
     in lieu of depreciation) is allowable.
       ``(d) Qualifying Credit for Offshore Wind Facilities 
     Program.--
       ``(1) Establishment.--
       ``(A) In general.--Not later than 180 days after the date 
     of the enactment of this section, the Secretary, in 
     consultation with the Secretary of Energy and the Secretary 
     of the Interior, shall establish a qualifying credit for 
     offshore wind facilities program to consider and award 
     certifications for qualified investments eligible for credits 
     under this section to qualifying offshore wind facility 
     sponsors.
       ``(B) Limitation.--The total amount of megawatt capacity 
     for offshore facilities with respect to which credits may be 
     allocated under the program shall not exceed 3,000 megawatts.
       ``(2) Certification.--
       ``(A) Application period.--Each applicant for certification 
     under this paragraph shall submit an application containing 
     such information as the Secretary may require beginning on 
     the date the Secretary establishes the program under 
     paragraph (1).
       ``(B) Period of issuance.--An applicant which receives a 
     certification shall have 5 years from the date of issuance of 
     the certification in order to place the facility in service 
     and if such facility is not placed in service by that time 
     period, then the certification shall no longer be valid.
       ``(3) Selection criteria.--In determining which qualifying 
     offshore wind facilities to certify under this section, the 
     Secretary shall--
       ``(A) take into consideration which facilities will be 
     placed in service at the earliest date, and
       ``(B) take into account the technology of the facility that 
     may lead to reduced industry and consumer costs or expand 
     access to offshore wind.
       ``(4) Review, additional allocations, and reallocations.--
       ``(A) Review.--Periodically, but not later than 4 years 
     after the date of the enactment of this section, the 
     Secretary shall review the credits allocated under this 
     section as of the date of such review.
       ``(B) Additional allocations and reallocations.--The 
     Secretary may make additional allocations and reallocations 
     of

[[Page S690]]

     credits under this section if the Secretary determines that--
       ``(i) the limitation under paragraph (1)(B) has not been 
     attained at the time of the review, or
       ``(ii) scheduled placed-in-service dates of previously 
     certified facilities have been significantly delayed and the 
     Secretary determines the applicant will not meet the timeline 
     pursuant to paragraph (2)(B).
       ``(C) Additional program for allocations and 
     reallocations.--If the Secretary determines that credits 
     under this section are available for further allocation or 
     reallocation, but there is an insufficient quantity of 
     qualifying applications for certification pending at the time 
     of the review, the Secretary is authorized to conduct an 
     additional program for applications for certification.
       ``(5) Disclosure of allocations.--The Secretary shall, upon 
     making a certification under this subsection, publicly 
     disclose the identity of the applicant and the amount of the 
     credit with respect to such applicant.
       ``(e) Denial of Double Benefit.--A credit shall not be 
     allowed under this section with respect to any facility if--
       ``(1) a credit has been allowed to such facility under 
     section 45 for such taxable year or any prior taxable year,
       ``(2) a credit has been allowed with respect to such 
     facility under section 46 by reason of section 48(a) or 
     48C(a) for such taxable or any preceding taxable year, or
       ``(3) a grant has been made with respect to such facility 
     under section 1603 of the American Recovery and Reinvestment 
     Act of 2009.''.
       (c) Conforming Amendments.--
       (1) Section 49(a)(1)(C) of the Internal Revenue Code of 
     1986 is amended--
       (A) by striking ``and'' at the end of clause (v),
       (B) by striking the period at the end of clause (vi) and 
     inserting ``, and'', and
       (C) by adding after clause (vi) the following new clause:
       ``(vii) the basis of any property which is part of a 
     qualifying offshore wind facility under section 48E.''.
       (2) The table of sections for subpart E of part IV of 
     subchapter A of chapter 1 of the Internal Revenue Code of 
     1986 is amended by inserting after the item relating to 
     section 48D the following new item:

``48E. Credit for offshore wind facilities.''.

       (d) Effective Date.--The amendments made by this section 
     shall apply to periods after the date of the enactment of 
     this Act, under rules similar to the rules of section 48(m) 
     of the Internal Revenue Code of 1986 (as in effect on the day 
     before the date of the enactment of the Revenue 
     Reconciliation Act of 1990).
                                 ______