Incentivizing Offshore Wind Power Act

I 116TH CONGRESS 1ST SESSION H. R. 4887 To amend the Internal Revenue Code of 1986 to extend the energy credit for offshore wind facilities. IN THE HOUSE OF REPRESENTATIVES OCTOBER 28, 2019 Mr. PASCRELL (for himself and Mr. KING of New York) 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 extend the energy credit for offshore wind facilities. 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 ‘‘Incentivizing Offshore 4 Wind Power Act’’. 5 SEC. 2. EXTENSION OF ENERGY CREDIT FOR OFFSHORE 6 WIND FACILITIES. 7 (a) IN GENERAL.—Section 48(a)(5) of the Internal 8 Revenue Code of 1986 is amended by adding at the end 9 the following: 10 VerDate Sep 11 2014 02:13 Nov 01, 2019 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H4887.IH H4887 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 4887 IH ‘‘(F) QUALIFIED OFFSHORE WIND FACILI- 1 TIES.— 2 ‘‘(i) IN GENERAL.—In the case of any 3 qualified offshore wind facility— 4 ‘‘(I) subparagraph (C)(ii) shall be 5 applied by substituting ‘January 1 of 6 the applicable year (as determined 7 under subparagraph (F)(ii))’ for ‘Jan- 8 uary 1, 2020’, 9 ‘‘(II) subparagraph (E) shall not 10 apply, and 11 ‘‘(III) for purposes of this para- 12 graph, section 45(d)(1) shall be ap- 13 plied by substituting ‘January 1 of 14 the applicable year (as determined 15 under section 48(a)(5)(F)(ii))’ for 16 ‘January 1, 2020’. 17 ‘‘(ii) APPLICABLE YEAR.—For pur- 18 poses of this subparagraph, the term ‘ap- 19 plicable year’ means the later of— 20 ‘‘(I) calendar year 2027, or 21 ‘‘(II) the calendar year subse- 22 quent to the first calendar year in 23 which the Secretary, in consultation 24 with the Secretary of Energy, deter- 25 VerDate Sep 11 2014 02:13 Nov 01, 2019 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H4887.IH H4887 pamtmann on DSKBC07HB2PROD with BILLS 3 •HR 4887 IH mines that the United States has in- 1 creased its offshore wind capacity by 2 not less than 3,000 megawatts as 3 compared to such capacity on January 4 1, 2020. 5 For purposes of subclause (II), the Sec- 6 retary shall not include any increase in off- 7 shore wind capacity which is attributable 8 to any facility the construction of which 9 began before January 1, 2020. 10 ‘‘(iii) QUALIFIED OFFSHORE WIND FA- 11 CILITY.—For purposes of this subpara- 12 graph, the term ‘qualified offshore wind fa- 13 cility’ means a qualified facility described 14 in paragraph (1) of section 45(d) which is 15 located in the inland navigable waters of 16 the United States, including the Great 17 Lakes, or in the coastal waters of the 18 United States, including the territorial 19 seas of the United States, the exclusive 20 economic zone of the United States, and 21 the outer Continental Shelf of the United 22 States. 23 ‘‘(iv) REPORT ON OFFSHORE WIND 24 CAPACITY.—On January 15, 2026, and an- 25 VerDate Sep 11 2014 02:13 Nov 01, 2019 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H4887.IH H4887 pamtmann on DSKBC07HB2PROD with BILLS 4 •HR 4887 IH nually thereafter until the calendar year 1 described in clause (ii)(II), the Secretary, 2 in consultation with the Secretary of En- 3 ergy, shall issue a report to be made avail- 4 able to the public which discloses the in- 5 crease in the offshore wind capacity of the 6 United States, as measured in total 7 megawatts, since January 1, 2020.’’. 8 (b) EFFECTIVE DATE.—The amendment made by 9 this section shall apply to periods after December 31, 10 2016, under rules similar to the rules of section 48(m) 11 of the Internal Revenue Code of 1986 (as in effect on the 12 day before the date of the enactment of the Revenue Rec- 13 onciliation Act of 1990). 14 Æ VerDate Sep 11 2014 02:13 Nov 01, 2019 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H4887.IH H4887 pamtmann on DSKBC07HB2PROD with BILLS