New bill aims to extend ITC for US offshore wind through 2025

Source: By Ivan Shumkov, Renewables News • Posted: Friday, June 10, 2016

new-bill-aims-to-extend-itc-for-us-offshore-wind-through-2025
Offshore wind turbines. Author: Martin Pettitt. License: Creative Commons, Attribution 2.0 Generic

June 9 (SeeNews) – US senators from Massachusetts and Rhode Island on Wednesday introduced legislation that would extend the 30% Investment Tax Credit (ITC) for offshore wind through 2025.

In December 2015, president Barack Obama signed into law an omnibus and tax reform bill that extended both the ITC and the Production Tax Credit (PTC) for wind until 2019. However, given the longer planning and permitting times for offshore wind development, no such project is seen to qualify for the tax credits by that time. That is why the Offshore Wind Incentives for New Development (WIND) Act is being introduced, says a press statement.

A copy of the Offshore WIND Act can be found here: http://www.markey.senate.gov/imo/media/doc/2016-06-08-Windbill-Markey%20.pdf

“We are the Saudi Arabia of offshore wind in New England and we need to harness that potential by providing long-term certainty to this industry in the tax code,” Markey said.

At present, Deepwater Wind is working on the country’s first offshore wind farm — the 30-MW Block Island project. The plant is expected to be completed later this year following almost eight years of work.