Title: Offshore WIND Act
Policy area: Taxation

Summary:
Offshore Wind Incentives for New Development Act or the Offshore WIND Act
This bill amends the Internal Revenue Code to expand the tax credit for investment in energy property to include a qualified offshore wind property with construction that begins before January 1, 2026.
A "qualified offshore wind property" is a facility that: (1) uses wind to produce electricity; and (2) is 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 the United States, and the outer Continental Shelf of the United States. The term excludes certain small wind energy property that uses a small wind turbine to generate electricity.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 1102 Introduced in Senate (IS)]

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115th CONGRESS
  1st Session
                                S. 1102

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

                              May 11, 2017

 Mr. Markey (for himself, Mr. Whitehouse, Mr. Merkley, Ms. Warren, Mr. 
 Reed, Mr. Booker, and Mr. Brown) 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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Offshore Wind Incentives for New 
Development Act'' or the ``Offshore WIND Act''.

SEC. 2. ENERGY CREDIT FOR QUALIFIED OFFSHORE WIND FACILITIES.

    (a) In General.--Section 48 of the Internal Revenue Code is 
amended--
            (1) in subsection (a)--
                    (A) in paragraph (2)(A)(i)--
                            (i) in subclause (III), by striking ``and'' 
                        at the end; and
                            (ii) by adding at the end the following new 
                        subclause:
                                    ``(V) qualified offshore wind 
                                property, and''; and
                    (B) in paragraph (3)(A)--
                            (i) in clause (vi), by striking ``or'' at 
                        the end;
                            (ii) in clause (vii), by adding ``or'' at 
                        the end; and
                            (iii) by adding at the end the following 
                        new clause:
                            ``(viii) qualified offshore wind property, 
                        but only with respect to property the 
                        construction of which begins before January 1, 
                        2026,''; and
            (2) in subsection (c), by adding at the end the following 
        new paragraph:
            ``(5) Qualified offshore wind property.--
                    ``(A) In general.--The term `qualified offshore 
                wind property' 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 exclusive economic zone of the United 
                States, and the outer Continental Shelf of the United 
                States.
                    ``(C) Exception for qualified small wind energy 
                property.--The term `qualified offshore wind property' 
                shall not include any property described in paragraph 
                (4).''.
    (b) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.
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