U.S. Reps. Bill Pascrell Jr., D-N.J., and Frank LoBiondo, R-N.J., have introduced bipartisan legislation to encourage offshore wind power investment off the coast of New Jersey.
The Incentivizing Offshore Wind Power Act (H.R.3238) proposes to provide a 30% tax credit on investment in the first 3,000 MW of offshore wind. The secretary of the Treasury would have to consult with the secretaries of Energy and the Interior when establishing this credit.
After this consultation, the Treasury would make the final decision on who is awarded the tax credit. Under the legislation, once a company is awarded a tax credit, it would have five years to install a wind facility. These companies would not be eligible to receive other production or investment tax credits in addition to the offshore wind investment tax credit.
"For several years, we have looked to the Jersey shore as a potential source of renewable wind energy," LoBiondo says. "In South Jersey, projects continue to move forward with the promise of increased domestic energy and creating jobs. Our legislation will further encourage the nation to follow New Jersey's lead and move towards renewable energy, thus reducing our reliance on foreign oil."