Bill Details
Status
Latest action
2025-02-21 - Referred to the House Committee on Ways and Means.
Introduced Date
2025-02-21
Policy Area
Taxation
Committees
View committees (1)
Sponsors
Cosponsors
6
0
0
AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill would end certain federal tax breaks for offshore wind projects that are built in the inland navigable waters or coastal waters of the United States. In simple terms, it would stop these projects from getting key tax credits that help lower their cost, including the investment tax credit and the electricity production tax credits. The change would apply only to energy produced and property placed in service after December 31, 2025.
- It removes the investment tax credit for these offshore wind facilities.
- It changes the rules for the current production tax credit so these projects would no longer qualify if they are located in inland navigable waters or coastal waters.
- It also changes the newer clean electricity production credit so these same offshore wind facilities would not count as qualified facilities.
- The new rules would take effect for projects and energy production after December 31, 2025.
Official Summaries
No summaries available
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1462 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 1462
To amend the Internal Revenue Code of 1986 to disallow the production
tax credit and investment tax credit for offshore wind facilities
placed in service in the inland navigable waters of the United States
or the coastal waters of the United States.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 21, 2025
Mr. Fallon (for himself and Mr. Gooden) 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 disallow the production
tax credit and investment tax credit for offshore wind facilities
placed in service in the inland navigable waters of the United States
or the coastal waters of the United States.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. DISALLOWANCE OF INVESTMENT TAX CREDIT AND CLEAN ELECTRICITY
PRODUCTION CREDIT FOR CERTAIN OFFSHORE WIND FACILITIES.
(a) Investment Tax Credit.--Section 48(a)(5) of the Internal
Revenue Code of 1986 is amended by striking subparagraph (F).
(b) Renewable Resources Production Tax Credit.--Section 45(d)(1) of
such Code is amended by striking the period at the end and inserting
``, or any facility which is located in the inland navigable waters of
the United States or in the coastal waters of the United States''.
(c) Clean Electricity Production Tax Credit.--Section 45Y(b)(1) of
such Code is amended by adding at the end the following new
subparagraph:
``(E) Certain offshore wind facilities not treated
as qualified facilities.--
``(i) In general.--The term `qualified
facility' shall not include any disqualified
offshore wind facility.
``(ii) Disqualified offshore wind
facility.--For purposes of this subparagraph,
the term `disqualified offshore wind facility'
means an offshore wind facility which is
located in the inland navigable waters of the
United States or in the coastal waters of the
United States.''.
(d) Effective Date.--The amendment made by this section shall apply
to energy produced and property placed in service after December 31,
2025.
<all>