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Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Deepwater Offshore Wind Incentive
Act''.

SEC. 2. CREDIT FOR PRODUCTION OF ENERGY FROM DEEP WATER OFFSHORE WIND.

(a) Production Credit.--
(1) In general.--Subpart D of part IV of subchapter A of
chapter 1 of the Internal Revenue Code of 1986 is amended by
adding at the end the following new section:

''SEC. 45R. CREDIT FOR PRODUCTION FOR DEEP WATER OFFSHORE WIND.

''(a) General Rule.--For purposes of section 38, the deep water
offshore wind production credit of any taxpayer for any taxable year is
equal to the product of--
''(1) 3.04 cents, multiplied by
''(2) the kilowatt hours of electricity--
''(A) produced by the taxpayer at a deep water
offshore wind facility during the 10-year period
beginning on the date the facility was originally
placed in service, and
''(B) sold by the taxpayer to an unrelated person
during the taxable year.
''(b) National Limitation.--
''(1) In general.--The amount of credit which would (but
for this subsection) be allowed with respect to any facility
for any taxable year shall not exceed the amount which bears
the same ratio to such amount of credit as--
''(A) the national megawatt capacity limitation
allocated to the facility, bears to
''(B) the total megawatt nameplate capacity of such
facility.
''(2) Amount of national limitation.--The aggregate amount
of national megawatt capacity limitation allocated by the
Secretary under paragraph (3) shall not exceed 6,000 megawatts.
''(3) Allocation of limitation.--The Secretary shall
allocate the national megawatt capacity limitation in the
following manner:
''(A) The Secretary shall allocate the first 5,000
megawatts of the national megawatt capacity limitation
to facilities by giving priority to facilities which
will be placed in service at the earliest date.
''(B) The Secretary shall allocate the remaining
megawatts of the national megawatt capacity limitation
by taking into account the technology of the facility.
''(4) Regulations.--Not later than 6 months after the date
of the enactment of this section, the Secretary shall prescribe
such regulations as may be necessary or appropriate to carry
out the purposes of this subsection. Such regulations shall
provide a certification process under which the Secretary,
after consultation with the Secretary of Energy, shall approve
and allocate the national megawatt capacity limitation.
''(c) Deep Water Offshore Wind Facility.--For purposes of this
section--
''(1) In general.--The term 'deep water offshore wind
facility' means any facility which--
''(A) is owned by the taxpayer,
''(B) uses wind to produce electricity,
''(C) operates in 60 meters or more of water,
''(D) is located within the internal or territorial
waters of the United States, and
''(E) is placed in service after the date of the
enactment of this section and before January 1, 2030.
''(2) Exceptions.--Such term shall not include any facility
if--
''(A) a credit has been allowed to such facility
under section 45 for such taxable year or any prior
taxable year,
''(B) a credit has been allowed with respect to
such facility under section 46 by reason of section
48(a) for such taxable or any preceding taxable year,
or
''(C) a grant has been made with respect to such
facility under section 1603 of the American Recovery
and Reinvestment Act of 2009.
''(d) Other Rules to Apply.--Rules similar to the rules of
paragraphs (1), (3), (4), and (5) of section 45(e) shall apply for
purposes of this section.
''(e) Inflation Adjustment.--
''(1) In general.--In the case of any calendar year after
2010, the 3.04 cent amount in subsection (a)(1) shall be
adjusted by multiplying such amount by the inflation adjustment
factor for the calendar year in which the sale occurs. If any
amount as increased under the preceding sentence is not a
multiple of 0.01 cent, such amount shall be rounded to the
nearest multiple of 0.01 cent.
''(2) Inflation adjustment factor.--For purposes of
paragraph (1), the term 'inflation adjustment factor' has the
meaning given such term under section 45(e)(2)(B), except that
'calendar year 2010' shall be substituted for 'calendar year
1992'.''.
(2) Credit made part of general business credit.--Section
38(b) of the Internal Revenue Code of 1986 is amended--
(A) by striking ''plus'' at the end of paragraph
(34),
(B) by striking the period at the end of paragraph
(35) and inserting '', plus'', and
(C) by adding at the end the following new
paragraph:
''(36) the deep water offshore wind production credit
determined under section 45R(a).''.
(3) Coordination with other benefits.--
(A) Section 45 production credit.--Section 45(e) of
the Internal Revenue Code of 1986 is amended by adding
at the end the following new paragraph:
''(12) Coordination with deep water offshore wind credit.--
No credit shall be allowed under subsection (a) with respect to
any qualified facility described in subsection (d)(1) if a
credit has been allowed to such facility under section 45J for
such taxable year or any prior taxable year.''.
(B) Investment credit.--Subsections (B) and (C) of
section 48(d)(5)(B) of such Code are each amended by
inserting ''or section 45R'' after ''section 45''.
(C) Grants.--Section 48(d)(1) of such Code is
amended by striking ''or section 45'' and inserting '',
section 45, or section 45R''.
(4) Clerical amendment.--The table of sections for subpart
D of part IV of subchapter A of chapter 1 of the Internal
Revenue Code of 1986 is amended by adding at the end the
following:

''Sec. 45R. Credit for production for deep water offshore wind.''.
(b) Option To Elect Investment Credit in Lieu of Production
Credit.--Section 48(a)(5)(C)(i) of the Internal Revenue Code of 1986 is
amended by inserting '', or any deep water offshore wind facility
(within the meaning of section 45R) if such facility is placed in
service before 2030'' before the period at the end.
(c) Effective Date.--The amendments made by this section shall
apply to facilities placed in service after the date of the enactment
of this Act.
A:
Deepwater Offshore Wind Incentive Act - Amends the Internal Revenue Code to allow a general business tax credit for the production of energy from a deep water offshore wind facility. Makes such credit equal to the product of 3.04 cents and the kilowatt hours of electricity produced at a facility during a 10-year period and sold by a taxpayer to an unrelated person during the taxable year. Defines "deep water offshore wind facility" as facility that uses wind to produce electricity, operates in 60 meters or more of water, is located within the internal or territorial waters of the United States, and is placed in service after the enactment of this Act and before January 1, 2030.