U.S. Reps. Bill Pascrell Jr., D-N.J., and Peter T. King, R-N.Y., have introduced the Incentivizing Offshore Wind Power Act of 2019 (H.R.4887).
Currently, the federal wind production tax credit and investment tax credit (ITC) are set to expire next year. With only one offshore wind project producing electricity in the U.S. and many in development, the legislation would extend the wind ITC for those projects and others and help continue the vital growth of the industry in the U.S., the lawmakers say.
“This game-changing legislation will help spur economic growth, provide more affordable electricity for consumers and combat the global crisis of climate change, all in one,” says Pascrell. “The burgeoning offshore wind industry is a prime example of American leadership on the world stage, but it needs our help in Congress. Extending these critical tax credits will allow the industry to continue to grow while offering immediate benefits to the American consumer. The potential for this industry is tremendous, and I am committed to working with my colleagues in a bipartisan and bicameral manner to see this legislation passed into law.”
“Extending these credits will continue to make energy more affordable while further decreasing our annual carbon emissions,” says King. “We must continue to push for alternative methods, like wind production tax credits, to produce clean energy.”
Pascrell has introduced a version of this legislation in every Congress since 2009. Companion legislation, S.1988, has been reintroduced in the Senate by U.S. Sens. Tom Carper, D-Del., and Susan Collins, R-Maine.
“We applaud Reps. Bill Pascrell Jr. and Peter King for championing the bipartisan Incentivizing Offshore Wind Power Act in the House,” says Tom Kiernan, CEO of the American Wind Energy Association (AWEA). “We’re at a critical juncture with the U.S. offshore wind industry prepared to scale up and put more steel in the water. Stable, pro-investment policy will ensure we realize offshore wind’s unrivaled potential to expand homegrown clean energy, grow well-paying American jobs and build a domestic supply chain worth nearly $70 billion to the U.S. economy.”