Lakes Before Turbines Act
Source: Congress.gov ·
254 words in original text
What This Bill Does
This bill changes the tax code to end a specific tax credit for offshore wind facilities in inland navigable waters of the United States. The bill excludes the Great Lakes from this change, meaning wind facilities in the Great Lakes can still receive the tax credit.
Who It Affects
Companies or individuals that own or invest in offshore wind facilities in inland navigable waters (other than the Great Lakes) are directly affected by this bill.
Key Provisions
• The investment tax credit (a tax break that reduces taxes owed) for certain offshore wind facilities in inland navigable waters is ended, except for facilities in the Great Lakes (Sec. 2(a)).
What Changes
If this bill becomes law, offshore wind facilities in inland navigable waters (excluding the Great Lakes) will no longer qualify for the investment tax credit on their taxes. Facilities in the Great Lakes remain eligible for this tax credit.
Important Definitions
The bill does not explicitly define "offshore wind facilities" or "inland navigable waters." The bill specifies that "Great Lakes" are excluded from the change but does not define what the Great Lakes are.
Effective Date
The change applies to tax years beginning after December 31, 2022. (Sec. 2(b))
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