Bill > HR1462

This bill amends the Internal Revenue Code to remove tax credits for offshore wind facilities located in U.S. inland navigable waters or coastal waters. Specifically, the bill eliminates the investment tax credit (ITC) and the clean electricity production tax credit for wind facilities in these specific water zones. The tax credits being affected include Section 48's investment tax credit and Section 45's renewable resources production tax credit, as well as the clean electricity production tax credit under Section 45Y. By modifying these sections, the bill prevents wind energy facilities in inland and coastal waters from qualifying for these financial incentives, which are typically designed to encourage renewable energy development. The changes will take effect for energy produced and property placed in service after December 31, 2025, giving wind energy developers advance notice of the policy change. This legislation could potentially discourage offshore wind development in U.S. navigable and coastal waters by removing significant financial tax benefits that have historically supported such projects.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/1462/all-info