Offshore WIND Act

I 116TH CONGRESS 1ST SESSION H. R. 3473 To amend the Internal Revenue Code of 1986 to provide for an investment tax credit related to the production of electricity from offshore wind. IN THE HOUSE OF REPRESENTATIVES JUNE 25, 2019 Mr. LANGEVIN (for himself, Mr. TONKO, and Mr. CARTWRIGHT) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to provide for an investment tax credit related to the production of electricity from offshore wind. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Offshore Wind Incen- 4 tives for New Development Act’’ or the ‘‘Offshore WIND 5 Act’’. 6 SEC. 2. ENERGY CREDIT FOR QUALIFIED OFFSHORE WIND 7 FACILITIES. 8 (a) IN GENERAL.—Subsection (a) of section 48 of the 9 Internal Revenue Code is amended— 10 VerDate Sep 11 2014 03:01 Jul 02, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3473.IH H3473 kjohnson on DSK79L0C42 with BILLS 2 •HR 3473 IH (1) in paragraph (2)(A)(i)— 1 (A) in subclause (III), by striking ‘‘and’’ at 2 the end; and 3 (B) by adding at the end the following new 4 subclause: 5 ‘‘(V) qualified offshore wind 6 property, and’’; and 7 (2) in paragraph (3)(A)— 8 (A) in clause (vi), by striking ‘‘or’’ at the 9 end; 10 (B) in clause (vii), by adding ‘‘or’’ at the 11 end; and 12 (C) by adding at the end the following new 13 clause: 14 ‘‘(viii) qualified offshore wind prop- 15 erty, but only with respect to property the 16 construction of which begins before Janu- 17 ary 1, 2026,’’. 18 (b) QUALIFIED OFFSHORE WIND PROPERTY.—Sub- 19 section (c) of section 48 of the Internal Revenue Code of 20 1986 is amended by adding at the end the following new 21 paragraph: 22 ‘‘(5) QUALIFIED OFFSHORE WIND PROPERTY.— 23 VerDate Sep 11 2014 03:01 Jul 02, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3473.IH H3473 kjohnson on DSK79L0C42 with BILLS 3 •HR 3473 IH ‘‘(A) IN GENERAL.—The term ‘qualified 1 offshore wind property’ means an offshore facil- 2 ity using wind to produce electricity. 3 ‘‘(B) OFFSHORE FACILITY.—The term 4 ‘offshore facility’ means any facility located in 5 the inland navigable waters of the United 6 States, including the Great Lakes, or in the 7 coastal waters of the United States, including 8 the territorial seas of the United States, the ex- 9 clusive economic zone of the United States, and 10 the outer Continental Shelf of the United 11 States. 12 ‘‘(C) EXCEPTION FOR QUALIFIED SMALL 13 WIND ENERGY PROPERTY.—The term ‘qualified 14 offshore wind property’ shall not include any 15 property described in paragraph (4). 16 ‘‘(D) SPECIAL RULE.—In the case of any 17 property described in subparagraph (A) which 18 was placed in service after December 31, 2016, 19 and for which a credit under this section was 20 allowed by reason of subsection (a)(5) in any 21 taxable year which ends before or includes the 22 date of the enactment of the Offshore WIND 23 Act, notwithstanding any election under such 24 subsection (a)(5), such property may be treated 25 VerDate Sep 11 2014 03:01 Jul 02, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H3473.IH H3473 kjohnson on DSK79L0C42 with BILLS 4 •HR 3473 IH at the election of the taxpayer as qualified off- 1 shore wind property (and not as qualified prop- 2 erty which is part of a qualified investment 3 credit facility) for— 4 ‘‘(i) taxable years including or begin- 5 ning after such date of enactment, and 6 ‘‘(ii) any taxable years ending before 7 such date of enactment, including by filing 8 an amended return. 9 Notwithstanding section 6501, an amended re- 10 turn may be filed for purposes of clause (ii) for 11 any taxable year described in such clause.’’. 12 (c) EFFECTIVE DATE.—The amendments made by 13 this section shall take effect on the date of the enactment 14 of this Act. 15 Æ VerDate Sep 11 2014 03:01 Jul 02, 2019 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H3473.IH H3473 kjohnson on DSK79L0C42 with BILLS