US offshore wind manufacturing tax credit bill introduced

Four Democratic senators introduced a bill on Wednesday to give US manufacturers investment and production tax credits for qualified offshore wind components and dedicated offshore wind vessels.

The Offshore Wind American Manufacturing Act would create a 30% investment tax credit for qualified facilities that manufacture offshore wind components and subcomponents, according to Senator Ed Markey, one of the sponsors of the bill. The production tax credit would range from 2 to 5 cents per watt multiplied by the total rated capacity of the turbine, and would vary by component. The full investment tax credit would be available until December 31, 2028, and phase out annually afterward. The production tax credit would be available until December 31, 2030.

If passed, the act would help ensure the US meets President Biden’s offshore wind goal of 30 GW by 2030.

Kim Biggar

Kim Biggar started writing in the supply chain sector in 2000, when she joined the Canadian Association of Supply Chain & Logistics Management. In 2004/2005, she was project manager for the Government of Canada-funded Canadian Logistics Skills Committee, which led to her 13-year role as communications manager of the Canadian Supply Chain Sector Council. A longtime freelance writer, Kim has contributed to publications including The Forwarder, 3PL Americas, The Shipper Advocate and Supply Chain Canada.
Back to top button