of paragraph (6), and by adding at the end the following 
new paragraph: 
‘‘(7) the qualifying offshore wind facility cred-
it.’’. 
(b) AMOUNT OF CREDIT.—Subpart E of part IV of 
subchapter A of chapter 1 of the Internal Revenue Code 
of 1986 is amended by inserting after section 48D the fol-
lowing new section: 
‘‘SEC. 48E. CREDIT FOR OFFSHORE WIND FACILITIES. 
‘‘(a) IN GENERAL.—For purposes of section 46, the 
qualifying offshore wind facility credit for any taxable year 
is an amount equal to 30 percent of the qualified invest-
ment for such taxable year with respect to any qualifying 
offshore wind facility of the taxpayer. 
‘‘(b) QUALIFIED INVESTMENT.— 
‘‘(1) IN GENERAL.—For purposes of subsection 
(a), the qualified investment for any taxable year is 
the basis of eligible property placed in service by the 
taxpayer during such taxable year which is part of 
a qualifying offshore wind facility. 
‘‘(2) CERTAIN QUALIFIED PROGRESS EXPENDI-
TURES RULES MADE APPLICABLE.—Rules similar to 
the rules of subsections (c)(4) and (d) of section 46 
(as in effect on the day before the enactment of the 
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Revenue Reconciliation Act of 1990) shall apply for 
purposes of this section. 
‘‘(c) DEFINITIONS.—For purposes of this section— 
‘‘(1) QUALIFYING OFFSHORE WIND FACILITY.— 
‘‘(A) IN GENERAL.—The term ‘qualifying 
offshore wind facility’ means an offshore facility 
using wind to produce electricity. 
‘‘(B) 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 ex-
clusive economic zone of United States, and the 
outer Continental Shelf of the United States. 
‘‘(2) ELIGIBLE PROPERTY.—The term ‘eligible 
property’ means any property— 
‘‘(A) which is— 
‘‘(i) tangible personal property, or 
‘‘(ii) other tangible property (not in-
cluding a building or its structural compo-
nents), but only if such property is used as 
an integral part of the qualifying offshore 
wind facility, and 
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‘‘(B) with respect to which depreciation (or 
amortization in lieu of depreciation) is allow-
able. 
‘‘(d) QUALIFYING CREDIT FOR OFFSHORE WIND FA-
CILITIES PROGRAM.— 
‘‘(1) ESTABLISHMENT.— 
‘‘(A) IN
GENERAL.—Not later than 180 
days after the date of the enactment of this sec-
tion, the Secretary, in consultation with the 
Secretary of Energy and the Secretary of the 
Interior, shall establish a qualifying credit for 
offshore wind facilities program to consider and 
award certifications for qualified investments el-
igible for credits under this section to qualifying 
offshore wind facility sponsors. 
‘‘(B) LIMITATION.—The total amount of 
megawatt capacity for offshore facilities with 
respect to which credits may be allocated under 
the program shall not exceed 3,000 megawatts. 
‘‘(2) CERTIFICATION.— 
‘‘(A) APPLICATION PERIOD.—Each appli-
cant for certification under this paragraph shall 
submit an application containing such informa-
tion as the Secretary may require beginning on 
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the date the Secretary establishes the program 
under paragraph (1). 
‘‘(B) PERIOD OF ISSUANCE.—An applicant 
which receives a certification shall have 5 years 
from the date of issuance of the certification in 
order to place the facility in service and if such 
facility is not placed in service by that time pe-
riod, then the certification shall no longer be 
valid. 
‘‘(3) SELECTION
CRITERIA.—In determining 
which qualifying offshore wind facilities to certify 
under this section, the Secretary shall— 
‘‘(A) take into consideration which facili-
ties will be placed in service at the earliest date, 
and 
‘‘(B) take into account the technology of 
the facility that may lead to reduced industry 
and consumer costs or expand access to off-
shore wind. 
‘‘(4) REVIEW AND REDISTRIBUTION.— 
‘‘(A) REVIEW.—Not later than 4 years 
after the date of the enactment of this section, 
the Secretary shall review the credits allocated 
under this section as of such date. 
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‘‘(B) 
REDISTRIBUTION.—The 
Secretary 
may reallocate credits awarded under this sec-
tion if the Secretary determines that— 
‘‘(i) there is an insufficient quantity 
of qualifying applications for certification 
pending at the time of the review, or 
‘‘(ii) scheduled placed-in-service dates 
of previously certified facilities have been 
significantly delayed and the Secretary de-
termines the applicant will not meet the 
timeline pursuant to paragraph (2)(B). 
‘‘(C) REALLOCATION.—If the Secretary de-
termines that credits under this section are 
available for reallocation pursuant to the re-
quirements set forth in paragraph (2), the Sec-
retary is authorized to conduct an additional 
program for applications for certification. 
‘‘(5) DISCLOSURE OF ALLOCATIONS.—The Sec-
retary shall, upon making a certification under this 
subsection, publicly disclose the identity of the appli-
cant and the amount of the credit with respect to 
such applicant. 
‘‘(e) DENIAL OF DOUBLE BENEFIT.—A credit shall 
not be allowed under this section with respect to any facil-
ity if— 
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‘‘(1) a credit has been allowed to such facility 
under section 45 for such taxable year or any prior 
taxable year, 
‘‘(2) a credit has been allowed with respect to 
such facility under section 46 by reason of section 
48(a) or 48C(a) for such taxable or any preceding 
taxable year, or 
‘‘(3) a grant has been made with respect to 
such facility under section 1603 of the American Re-
covery and Reinvestment Act of 2009.’’. 
(c) CONFORMING AMENDMENTS.— 
(1) Section 49(a)(1)(C) of the Internal Revenue 
Code of 1986 is amended— 
(A) by striking ‘‘and’’ at the end of clause 
(v), 
(B) by striking the period at the end of 
clause (vi) and inserting ‘‘, and’’; and 
(C) by adding after clause (vi) the fol-
lowing new clause: 
‘‘(vi) the basis of any property which 
is part of a qualifying offshore wind facil-
ity under section 48E.’’. 
(2) The table of sections for subpart E of part 
IV of subchapter A of chapter 1 of the Internal Rev-
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