BIPARTISAN MEMBERS INTRODUCE HOUSE BILL SUPPORTING OFFSHORE WIND ENERGY
Extends production and investment tax credits until 2020
Washington
| June 14, 2010 -
Today, Reps. Mike Castle (R-DE), Kathy Dahlkemper (D-PA), and Vern Ehlers (R-MI) introduced legislation to extend the production and investment tax credits for offshore wind energy until 2020. The Senate companion legislation was previously introduced by Sens. Tom Carper (D-Del.), Olympia Snowe (R-Maine), Sherrod Brown (D-Ohio), and Susan Collins (R-Maine) in March.
The legislation extends financial incentives in the form of tax credits for the investment and production of offshore wind energy. The long-term availability of these incentives are critical because of the long lead times required for permitting and constructing offshore wind turbines. Under the bill, offshore wind includes any wind turbine located in the inland navigable waters of the United States, including coastal waters and the Great Lakes.
“Extension of the production and investment tax credits for offshore wind is vital for tapping this rapidly growing source of clean, domestic, and reliable power—critical for energy independence, the environment, and new job growth," said Rep. Castle. “Providing a long-term extension of the credits will help give companies, like NRG Bluewater Wind, the stability required for actually building proposed projects in states like Delaware and for developing a pipeline of new projects. I am glad to be working with colleagues in both the House and Senate to promote federal policies that will foster growth in U.S. offshore renewable energy."
“Offshore wind energy in the Great Lakes can create lasting jobs in Western Pennsylvania and move our country toward energy independence. As long as we are dependent on foreign oil, our national and economic security is at risk. These extended tax credits will incentivize businesses to make long-term investments in offshore wind, creating jobs and cultivating renewable, domestic energy in the process. I am pleased to work with my colleagues on both sides of the aisle to promote energy independence and help create sustainable jobs in the Great Lakes region,” said Rep. Dahlkemper.
“I am pleased to support this legislation, which would help ease one of the challenges facing offshore wind development,” said Rep. Ehlers. “A sustainable tax incentive will allow offshore wind producers to concentrate on working with local and regional stakeholders to engage in successful offshore wind projects.”
Reps. Castle, Dahlkemper, and Ehlers remain committed to legislation to foster the growth of offshore wind development.
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