Bill > HR2133

This bill aims to modify the Internal Revenue Code by removing the investment tax credit (ITC) for offshore wind facilities located in the inland navigable waters of the United States, specifically excluding facilities in the Great Lakes from receiving this tax credit starting in 2023. The legislation, known as the "Lakes Before Turbines Act," would effectively end financial incentives for wind energy projects in inland waterways, potentially impacting renewable energy development in these regions. By amending Section 48(a)(5)(F)(ii) of the tax code, the bill seeks to eliminate the tax credit for such wind facility investments, which could discourage future wind energy projects in these areas. The change would apply to taxable years beginning after December 31, 2022, giving wind energy developers and investors advance notice of the impending tax credit removal.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/2133/all-info