Congressmen seek to extend tax credits for offshore wind
PROVIDENCE, R.I. (AP) — Democratic congressmen from Rhode Island and Massachusetts want to extend tax credits for the offshore wind industry to spur growth.
U.S. Sen. Sheldon Whitehouse and Rep. Jim Langevin, of Rhode Island, and Massachusetts Sen. Edward Markey say they’ve reintroduced legislation to extend the federal Investment Tax Credit for offshore wind through 2025. It’s set to phase out this year.
The first U.S. offshore wind farm was built off Block Island, Rhode Island and began operating in late 2016.
Whitehouse says the Offshore WIND Act would extend a key tax credit to support offshore wind developments and help foster a green energy economy by following the Block Island Wind Farm’s example.
Another wind farm is planned south of Martha’s Vineyard in Massachusetts. Markey says the burgeoning industry needs long-term certainty in the tax code.