IN THE SENATE OF THE UNITED STATES
June 8, 2016
Mr. Markey (for himself, Mr. Whitehouse, Mr. Reed, Ms. Warren, Mr. Schatz, Mr. Merkley, Mr. Brown, Mrs. Gillibrand, and Mr. Booker) introduced the following bill; which was read twice and referred to the Committee on Finance
To amend the Internal Revenue Code of 1986 to provide for an investment tax credit related to the production of electricity from offshore wind.
This Act may be cited as the
Offshore Wind Incentives for New Development Act or the
Offshore WIND Act.
Energy credit for qualified offshore wind facilities
Section 48 of the Internal Revenue Code is amended—
in subsection (a)—
in paragraph (2)(A)(i)—
in subclause (III), by striking
and at the end, and
by adding at the end the following new subclause:
qualified offshore wind property, and
in paragraph (3)(A)—
in clause (vi), by striking
or at the end,
in clause (vii), by adding
or at the end, and
by adding at the end the following new clause:
qualified offshore wind property, but only with respect to periods ending before January 1, 2026,
in subsection (c), by adding at the end the following new paragraph:
Qualified offshore wind property
The term qualified offshore wind property means an offshore facility using wind to produce electricity.
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.
Exception for qualified small wind energy property
The term qualified offshore wind property shall not include any property described in paragraph (4).
The amendments made by this section shall take effect on the date of the enactment of this Act.