Offshore WIND Act

Bill: 114-s-3036
Sponsor: full_name: Sen. Markey, Edward J. [D-MA]
Introduced: 2016-06-08
Policy area: Taxation
Subjects: Alternative and renewable resources

Business investment and capital

Electric power generation and transmission

Great Lakes

Income tax credits

Marine and coastal resources, fisheries
Latest action: action_date: 2016-06-08
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2016-06-08
action_desc: Introduced in Senate
text: <p><b>Offshore Wind Incentives for New Development Act or the Offshore WIND Act </b></p> <p>This bill amends the Internal Revenue Code to expand the tax credit for investment in energy property to include a qualified offshore wind property until January 1, 2026. Under the bill, a qualified offshore wind property is an offshore facility that uses wind to produce electricity, excluding certain small wind energy property which uses a small wind turbine to generate electricity. </p>

tv_txt: II 114th CONGRESS 2d Session S. 3036 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 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. Short title This Act may be cited as the Offshore Wind Incentives for New Development Act or the Offshore WIND Act . 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 periods ending 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 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.