Summary: H.R.3238 — 112th Congress (2011-2012)All Information (Except Text)

There is one summary for H.R.3238. Bill summaries are authored by CRS.

Shown Here:
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.