In an effort to draw more job development and enhance green energy, 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.
– 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.