WASHINGTON – Continuing in their commitment to creating jobs and a more sustainable energy future, U.S. Reps. Bill Pascrell, Jr. (D-NJ-8) and Frank LoBiondo (R-NJ-2) introduced bipartisan legislation to encourage offshore wind power investment off the coast of New Jersey.
“For several years, we have looked to the Jersey Shore as a potential source of renewable wind energy. In South Jersey, projects continue to move forward with the promise of increased domestic energy and creating jobs. Our legislation will further encourage the nation to follow New Jersey’s lead and move towards renewable energy, thus reducing our reliance on foreign oil,” said Rep. LoBiondo, a member of the House Renewable Energy and Energy Efficiency Caucus.
The Incentivizing Offshore Wind Power Act (HR 3238) will create an investment tax credit for the first 3,000 MW offshore wind facilities placed into service. Senators Carper and Snowe have introduced companion legislation, S.1397, in the U.S. Senate.
• Requires the Secretary of Treasury to consult the Secretaries of Energy and Interior when establishing this credit;
• Provides a 30% tax credit on investment in offshore wind for the first 3,000 MW;
• Treasury makes final decision on who is awarded tax credit. Once awarded a tax credit, companies have 5 years to install wind facility;
• Companies cannot receive other production or investment tax credits in addition to the offshore wind investment tax credit; and
• Defines offshore facility as 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.