S.1736 - Incentivizing Offshore Wind Power Act114th Congress (2015-2016)
|Sponsor:||Sen. Carper, Thomas R. [D-DE] (Introduced 07/09/2015)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 07/09/2015 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.1736 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in Senate (07/09/2015)
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 Department 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 Treasury to review credits allocated under this Act periodically and authorizes Treasury to make additional allocations and reallocations of such credits upon determining that: (1) the limit on the total amount of megawatt capacity for offshore facilities with respect to which credits may be allocated under the program has not been attained, or (2) scheduled placed-in-service dates of previously certified facilities have been significantly delayed and the applicant for certification will not meet the required timeline.