Senators ask for extension of tax credits for offshore wind

Source: By Josh Siegel, Washington Examiner • Posted: Tuesday, August 11, 2020

A bipartisan group of senators led by Republican Bill Cassidy of Louisiana wrote the Treasury Department asking for a safe harbor extension for offshore wind projects that qualify for the production tax credit and the investment tax credit.

The Internal Revenue Service has already extended the so-called “safe harbor” provisions under the wind and solar tax credits to account for delays companies have faced because of the virus outbreak.

The letter, released by Cassidy’s office Tuesday, says the revised guidance is “too narrow” and asks for a further extension.

“Extending the continuity safe harbor by a total of three years, in addition to the standard four-year period, for all open offshore wind projects will fully address interruptions resulting from COVID-19,” the letter says.