February 21, 2025
Mr. Fallon (for himself and Mr. Gooden) introduced the following bill; which was referred to the Committee on Ways and Means
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.
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 facilityshall not include any disqualified offshore wind facility.(ii) Disqualified offshore wind facility
For purposes of this subparagraph, the term
disqualified offshore wind facilitymeans 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.