H.R. 5521 (111th): To extend credits related to the production of electricity from offshore wind, and for other purposes.

111th Congress, 2009–2010. Text as of Jun 14, 2010 (Introduced).

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HR 5521 IH

111th CONGRESS

2d Session

H. R. 5521

To extend credits related to the production of electricity from offshore wind, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

June 14, 2010

Mr. CASTLE (for himself, Mrs. DAHLKEMPER, and Mr. EHLERS) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To extend credits related to the production of electricity from offshore wind, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. EXTENSION OF CREDITS RELATED TO THE PRODUCTION OF ELECTRICITY FROM OFFSHORE WIND.

    (a) Extension for Production Credit-

      (1) IN GENERAL- Paragraph (1) of section 45(d) of the Internal Revenue Code of 1986 is amended by inserting ‘(January 1, 2020, in the case of any offshore facility)’ after ‘and before January 1, 2013’.

      (2) OFFSHORE FACILITY- Section 45(e) of such Code is amended by adding at the end the following new paragraph:

      ‘(12) 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.’.

    (b) Extension for Investment Credit- Clause (i) of section 48(a)(5)(C) of the Internal Revenue Code of 1986 is amended--

      (1) by striking ‘is placed in service in’ and inserting ‘is--

            ‘(I) except as provided in subclause (II), placed in service in’,

      (2) by striking the period at the end and inserting ‘, and’, and

      (3) by adding at the end the following new subclause:

            ‘(II) in the case of an offshore facility (as defined in section 45(e)(12)), such facility is placed in service after 2008 and before 2020.’.

    (c) Effective Date- The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.