Expanding tax credits

Source: BY MATTHEW CHOI, Politico • Posted: Thursday, September 30, 2021

Sen. Michael Bennet is out with a new bill that would expand investment and production tax credits for onshore wind, hoping to get the renewable boost included in reconciliation. The Onshore Wind American Manufacturing Act would create a 30 percent ITC for American facilities that manufacture or assemble onshore wind components, with a phase out by the end of 2030. It would also create a new production tax credit for manufacturing various wind parts ranging from 2 to 5 cents per watt and require prevailing wages for laborers and mechanics. Rep. Brad Schneider (D-Ill.) will be introducing companion legislation in the House. Read the bill text here.