HR 2187
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.
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Bill overview
This bill modifies the Internal Revenue Code to limit the availability of tax credits for offshore wind energy projects. Specifically, it eliminates the production tax credit and investment tax credit for offshore wind facilities that are situated in the inland navigable waters or coastal waters of the United States. The changes clarify that facilities in these areas are not considered ‘qualified facilities’ for the purposes of these tax credits, effective starting in 2026.
Key provisions
- Eliminates the production tax credit for offshore wind facilities.
- Eliminates the investment tax credit for offshore wind facilities.
- Defines ‘disqualified offshore wind facility’ as any offshore wind facility in inland navigable or coastal waters.
- Clarifies that offshore wind facilities in inland navigable or coastal waters are not ‘qualified facilities’ for tax credit purposes.
- Modifies the Clean Electricity Production Tax Credit (Section 45Y)
- Modifies the Clean Electricity Investment Tax Credit (Section 48E)
Who is affected
- Offshore wind energy developers
- Taxpayers claiming tax credits for offshore wind projects
- The renewable energy industry
- The federal government (regarding tax revenue)
Notable changes
- The bill restricts tax credits specifically to offshore wind facilities located in U.S. inland navigable and coastal waters.
- It changes the definition of ‘qualified facility’ to exclude these offshore wind projects.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Harriet M. [R-WY-At Large] Hageman
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119th CONGRESS — 1st Session
H. R. 2187
IN THE HOUSE OF REPRESENTATIVES
A BILL
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.
Section 45(d)(1) of such Code is amended by striking the period at the end and inserting , or any facility which is located in the inland navigable waters of the United States or in the coastal waters of the United States
.
Section 45Y(b)(1) of such Code is amended by adding at the end the following new subparagraph:
The term qualified facility
shall not include any disqualified offshore wind facility.
disqualified offshore wind facilitymeans an offshore wind facility which is located in the inland navigable waters of the United States or in the coastal waters of the United States.
Section 48E(b)(3) of such Code is amended by adding at the end the following new subparagraph:
qualified facilityshall not include any disqualified offshore wind facility (as defined in section 45Y(b)(1)(E)(ii)).