H.R.3238 - Incentivizing Offshore Wind Power Act112th Congress (2011-2012)
|Sponsor:||Rep. Pascrell, Bill, Jr. [D-NJ-8] (Introduced 10/18/2011)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 10/18/2011 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.3238 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in House (10/18/2011)
Incentivizing Offshore Wind Power Act - Amends the Internal Revenue Code to: (1) allow a 30% tax credit for investment in a qualifying offshore wind facility (an offshore facility using wind to produce electricity), and (2) direct the Secretary of the Treasury to establish a qualifying credit for offshore wind facilities program to consider and award certifications for investments eligible for such a credit to qualifying offshore wind facility sponsors.
Requires the Secretary to review credits allocated under this Act and authorizes the Secretary to reallocate such credits upon determining that: (1) there is an insufficient quantity of qualifying applications for certification pending at the time of the review, or (2) scheduled placed-in-service dates of previously certified facilities have been significantly delayed and the applicant will not meet the required timeline.