Title: Offshore WIND Act
Policy area: Taxation

Summary:
Offshore Wind Incentives for New Development Act or the Offshore WIND Act
This bill allows an energy tax credit for investment in qualified offshore wind property, the construction of which begins before January 1, 2026. The bill defines "qualified offshore wind property" as an offshore facility using wind to produce electricity.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3473 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 3473

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 HOUSE OF REPRESENTATIVES

                             June 25, 2019

 Mr. Langevin (for himself, Mr. Tonko, and Mr. Cartwright) introduced 
  the following bill; which was referred to the Committee on Ways and 
                                 Means

_______________________________________________________________________

                                 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.--Subsection (a) of section 48 of the Internal 
Revenue Code is amended--
            (1) in paragraph (2)(A)(i)--
                    (A) in subclause (III), by striking ``and'' at the 
                end; and
                    (B) by adding at the end the following new 
                subclause:
                                    ``(V) qualified offshore wind 
                                property, and''; and
            (2) in paragraph (3)(A)--
                    (A) in clause (vi), by striking ``or'' at the end;
                    (B) in clause (vii), by adding ``or'' at the end; 
                and
                    (C) 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,''.
    (b) Qualified Offshore Wind Property.--Subsection (c) of section 48 
of the Internal Revenue Code of 1986 is amended 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).
                    ``(D) Special rule.--In the case of any property 
                described in subparagraph (A) which was placed in 
                service after December 31, 2016, and for which a credit 
                under this section was allowed by reason of subsection 
                (a)(5) in any taxable year which ends before or 
                includes the date of the enactment of the Offshore WIND 
                Act, notwithstanding any election under such subsection 
                (a)(5), such property may be treated at the election of 
                the taxpayer as qualified offshore wind property (and 
                not as qualified property which is part of a qualified 
                investment credit facility) for--
                            ``(i) taxable years including or beginning 
                        after such date of enactment, and
                            ``(ii) any taxable years ending before such 
                        date of enactment, including by filing an 
                        amended return.
                Notwithstanding section 6501, an amended return may be 
                filed for purposes of clause (ii) for any taxable year 
                described in such clause.''.
    (c) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.
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