United States 116th Congress Status: Died Bipartisan · 11 D · 1 R · 1 I cosponsors

S 1988 — Incentivizing Offshore Wind Power Act

Last action — Read twice and referred to the Committee on Finance.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

In plain language

The bill extends energy credits for offshore wind facilities.

This legislation aims to amend the Internal Revenue Code to extend energy credits for qualified offshore wind facilities. Eligible facilities are determined based on specific capacity increases compared to 2020 levels.

What this means for you
  • Environment: This bill may accelerate the growth of offshore wind energy, contributing to environmental sustainability.

Summary

Incentivizing Offshore Wind Power Act This bill extends the 30 % energy tax credit for offshore wind facilities that begin construction by January 1, 2027, or the year that the United States has increased its offshore wind capacity by not less than 3,000 megawatts as compared to such capacity on January 1, 2020, whichever is later.

Bill Text

Sections of law this bill changes

1 section in 1 law

From the bill's own amending language, matched to the official United States Code (current through Public Law 119-124).

Normal taxes and surtaxes · 26 U.S.C. ch. 1 1 section
  • § 48 Energy credit Amends

    26 U.S.C. § 48 — at 48(a)(5)

    The law today

    (a) Energy credit (1) In general For purposes of section 46, except as provided in paragraphs (1)(B), (2)(B), and (3)(B) of subsection (c), the energy credit for any taxable year is the energy percentage of the basis of each energy property placed in service during such taxable year. (2) Energy percentage (A) In general Except as provided in paragraphs (6) and (7), the energy percentage is— (i) 6 percent in the case of— (I) qualified fuel cell property, (II) energy property described in clause (i) or (iii) of paragraph (3)(A) but only with respect to property the construction of which begins before January 1, 2025, (III) energy property described in paragraph (3)(A)(ii), (IV) qualified small wind energy property, (V) waste energy recovery property, (VI) energy storage technology, (VII) qualified biogas property, (VIII) microgrid controllers, and (IX) energy property described in clauses (v) and (vii) of paragraph (3)(A), and (ii) in the case of any energy property to which clause (i) does not apply, 0 percent. (B) Coordination with rehabilitation credit The energy percentage shall not apply to that portion of the basis of any property which is attributable to qualified rehabilitation expenditures. (C) Nonapplication of increases to energy percentage For purposes of energy property described in subparagraph (A)(ii), the energy percentage applicable to such property pursuant to such subparagraph shall not be increased or otherwise adjusted by any provision of this section. (3) Energy property For purposes of this subpart, the term “energy property” means any property— (A) which is— (i) equipment which uses solar energy to generate electricity, to heat or cool (or provide hot water for use in) a structure, or to provide solar process heat, excepting property used to generate energy for the purposes of heating a swimming pool, (ii) equipment which uses solar energy to illuminate the inside of a structure using fiber-optic distributed sunlight, or electrochromic glass which uses electricity to change its light transmittance properties in order to heat or cool a structure, but only with respect to property the construction of which begins before January 1, 2025, (iii) equipment used to produce, distribute, or use energy derived from a geothermal deposit (within the meaning of section 613(e)(2)), but only, in the case of electricity generated by geothermal power, up to (but not including) the electrical transmission stage, (iv) qualified fuel cell property or qualified microturbine property, (v) combined heat and power system property, (vi) qualified small wind energy property, (vii) equipment which uses the ground or ground water as a thermal energy source to heat a structure or as a thermal energy sink to cool a structure, but only with respect to property the construction of which begins before January 1, 2035, (viii) waste energy recovery property, (ix) energy storage technology, (x) qualified biogas property, or (xi) microgrid controllers, (B) (i) the construction, reconstruction, or erection of which is completed by the taxpayer, or (ii) which is acquired by the taxpayer if the original use of such property commences with the taxpayer, (C) with respect to which depreciation (or amortization in lieu of depreciation) is allowable, and (D) which meets the performance and quality standards (if any) which— (i) have been prescribed by the Secretary by regulations (after consultation with the Secretary of Energy), and (ii) are in effect at the time of the acquisition of the property. Such term shall not include any property which is part of a facility the production from which is allowed as a credit under section 45 for the taxable year or any prior taxable year. (4) Special rule for property financed by tax-exempt bonds Rules similar to the rule under section 45(b)(3) shall apply for purposes of this section. (5) Election to treat qualified facilities as energy property (A) In general In the case of any qualified property which is...

    107 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

How this bill changes current law

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AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill amends the Internal Revenue Code to extend the energy credit for offshore wind facilities.

  • Section 48(a)(5)

    (F) Qualified offshore wind facilities.-- (i) In general.--In the case of any qualified offshore wind facility-- (I) subparagraph (C)(ii) shall be applied by substituting `January 1 of the applicable year (as determined under subparagraph (F)(ii))' for `January 1, 2020', (II) subparagraph (E) shall not apply, and (III) for purposes of this paragraph, section 45(d)(1) shall be applied by substituting `January 1 of the applicable year (as determined under section 48(a)(5)(F)(ii))' for `January 1, 2020'. (ii) Applicable year.-- (I) In general.--For purposes of this subparagraph, the term `applicable year' means the later of-- (aa) calendar year 2027, (bb) the calendar year subsequent to the first calendar year in which the Secretary, in consultation with the Secretary of Energy, determines that the United States has increased its offshore wind capacity by not less than 3,000 megawatts as compared to such capacity on January 1, 2020. (II) Exclusion of certain facilities.--For purposes of subclause (I)(bb), the Secretary shall not include any increase in offshore wind capacity which is attributable to any facility the construction of which began before January 1, 2020. (iii) Qualified offshore wind facility.--For purposes of this subparagraph, the term `qualified offshore wind facility' means a qualified facility described in paragraph (1) of section 45(d) which is located in the inland navigable waters of the United States, including the Great Lakes, or in the coastal waters of the United States, including the territorial seas of the United States, the exclusive economic zone of the United States, and the outer Continental Shelf of the United States. (iv) Report on offshore wind capacity.--On January 15, 2026, and annually thereafter until the calendar year described in clause (ii)(I)(bb), the Secretary, in consultation with the Secretary of Energy, shall issue a report to be made available to the public which discloses the increase in the offshore wind capacity of the United States, as measured in total megawatts, since January 1, 2020.

    This addition creates specific provisions for offshore wind facilities to qualify for an energy credit, extending the timeline and criteria for eligibility.

  • Section 48(a)(5)

    (b) Effective Date.--The amendment made by this section shall apply to periods after December 31, 2016, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1986 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).

    This establishes the effective date for the new provisions related to the energy credit for offshore wind facilities.

Action History

  1. Introduced in Senate

  2. Read twice and referred to the Committee on Finance.

Sponsors

Sponsorship breakdown

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1 sponsors · 12 co-sponsors · 534 not signed on

Sponsors (1)

Co-sponsors (12)

Not signed on (534)

534 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation energy
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Frequently asked questions

What does S 1988 do?
Incentivizing Offshore Wind Power Act This bill extends the 30 % energy tax credit for offshore wind facilities that begin construction by January 1, 2027, or the year that the United States has increased its offshore wind capacity by not less than 3,000 megawatts as compared to such capacity on January 1, 2020, whichever is later.
Who sponsors S 1988?
S 1988 is sponsored by Collins, Susan M. (Republican), Brown, Sherrod (Democratic), Cardin, Benjamin L. (Democratic), Coons, Christopher A. (Democratic), King, Angus S., Jr. (Independent), Menendez, Robert (Democratic), Reed, Jack (Democratic), Schatz, Brian (Democratic), Warren, Elizabeth (Democratic), Whitehouse, Sheldon (Democratic), Markey, Edward J. (Democratic), Heinrich, Martin (Democratic), and Carper, Thomas R. (Democratic).
What is the current status of S 1988?
This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 1988?
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