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Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Incentivizing Offshore Wind Power Act

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Internal Revenue Code of 1986 to provide for an investment tax credit related to the production of electricity from offshore wind.


Actions Overview (1)

Date
07/31/2017Introduced in Senate

All Actions (1)

Date
07/31/2017Read twice and referred to the Committee on Finance.
Action By: Senate

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Finance07/31/2017 Referred to

As of 10/23/2018 no related bill information has been received for S.1672 - Incentivizing Offshore Wind Power Act.


Subjects (6)


Latest Summary (1)

There is one summary for S.1672. View summaries

Shown Here:
Introduced in Senate (07/31/2017)

Incentivizing Offshore Wind Power Act

This bill 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.

The total amount of megawatt capacity for offshore facilities with respect to which credits may be allocated under the program may not exceed 3,000 megawatts.

The bill requires Treasury to review credits allocated under this bill 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.