Offshore Wind Tax Credit Removal Bill
Official: To amend the Internal Revenue Code of 1986 to disallow the production tax credit and investment tax credit for offshore wind facilities placed in service in the inland navigable waters of the United States or the coastal waters of the United States.
This bill disallows certain tax credits for offshore wind energy facilities located in U.S. inland and coastal waters, starting in 2026.
1. This bill removes tax credits for offshore wind facilities in U.S. inland and coastal waters. 2. It specifically targets the investment tax credit and production tax credit for these facilities. 3. The changes apply to energy produced and property placed in service after December 31, 2025. 4. Facilities located in these waters will no longer qualify as 'qualified facilities' under the tax code.
Wind energy companies planning to build in U.S. inland and coastal waters will be directly affected.