II 

116TH CONGRESS 

1ST SESSION S. 1957 

To amend the Internal Revenue Code of 1986 to provide for an investment 

tax credit related to the production of electricity from offshore wind. 

IN THE SENATE OF THE UNITED STATES 

JUNE 25, 2019 

Mr. MARKEY (for himself, Mr. WHITEHOUSE, Mr. REED, Ms. WARREN, and 

Mr. BOOKER) introduced the following bill; which was read twice and referred to the Committee on Finance 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Offshore Wind Incen5 tives for New Development Act’’ or the ‘‘Offshore WIND 

6 Act’’. 


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•S 1957 IS

1 SEC. 2. ENERGY CREDIT FOR QUALIFIED OFFSHORE WIND 

2 FACILITIES. 

3 (a) IN GENERAL.—Subsection (a) of section 48 of the 

4 Internal Revenue Code is amended— 

5 (1) in paragraph (2)(A)(i)— 

6 (A) in subclause (III), by striking ‘‘and’’ at 

7 the end; and 

8 (B) by adding at the end the following new 

9 subclause: 

10 ‘‘(V) qualified offshore wind 

11 property, and’’; and 

12 (2) in paragraph (3)(A)— 

13 (A) in clause (vi), by striking ‘‘or’’ at the 

14 end; 

15 (B) in clause (vii), by adding ‘‘or’’ at the 

16 end; and 

17 (C) by adding at the end the following new 

18 clause: 

19 ‘‘(viii) qualified offshore wind prop20 erty, but only with respect to property the 

21 construction of which begins before Janu22 ary 1, 2026,’’. 

23 (b) QUALIFIED OFFSHORE WIND PROPERTY.—Sub24 section (c) of section 48 of the Internal Revenue Code of 

25 1986 is amended by adding at the end the following new 

26 paragraph: 


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•S 1957 IS

1 ‘‘(5) QUALIFIED OFFSHORE WIND PROPERTY.— 

2 ‘‘(A) IN GENERAL.—The term ‘qualified 

3 offshore wind property’ means an offshore facil4 ity using wind to produce electricity. 

5 ‘‘(B) OFFSHORE FACILITY.—The term 

6 ‘offshore facility’ means any facility located in 

7 the inland navigable waters of the United 

8 States, including the Great Lakes, or in the 

9 coastal waters of the United States, including 

10 the territorial seas of the United States, the ex11 clusive economic zone of the United States, and 

12 the outer Continental Shelf of the United 

13 States. 

14 ‘‘(C) EXCEPTION FOR QUALIFIED SMALL

15 WIND ENERGY PROPERTY.—The term ‘qualified 

16 offshore wind property’ shall not include any 

17 property described in paragraph (4). 

18 ‘‘(D) SPECIAL RULE.—In the case of any 

19 property described in subparagraph (A) which 

20 was placed in service after December 31, 2016, 

21 and for which a credit under this section was 

22 allowed by reason of subsection (a)(5) in any 

23 taxable year which ends before or includes the 

24 date of the enactment of the Offshore WIND 

25 Act, notwithstanding any election under such 


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•S 1957 IS

1 subsection (a)(5), such property may be treated 

2 at the election of the taxpayer as qualified off3 shore wind property (and not as qualified prop4 erty which is part of a qualified investment 

5 credit facility) for— 

6 ‘‘(i) taxable years including or begin7 ning after such date of enactment, and 

8 ‘‘(ii) any taxable years ending before 

9 such date of enactment, including by filing 

10 an amended return. 

11 Notwithstanding section 6501, an amended re12 turn may be filed for purposes of clause (ii) for 

13 any taxable year described in such clause.’’. 

14 (c) EFFECTIVE DATE.—The amendments made by 

15 this section shall take effect on the date of the enactment 

16 of this Act. 

Æ 


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