,,ii #aacth ,,congress #ast ,session ,s4 #dja ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,february #bh1 #bjac ,mr4 ,carper 7for himself1 ,ms4 ,collins1 ,mr4 ,coons1 ,mr4 ,lautenberg1 ,mr4 ,whitehouse1 ,mr4 ,brown1 ,mr4 ,reed1 ,mr4 ,king1 ,mrs4 ,gillibrand1 ,mr4 ,menendez1 ,mr4 ,cowan1 ,mr4 ,cardin1 and ,ms4 ,warren7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to provide for an investment tax credit related to the production of electricity from offshore wind4 #a4 ,short title ,this ,act may be cited as the ,incentivizing ,offshore ,wind ,power ,act4 #b4 ,qualifying offshore wind facility credit 7a7 ,in general ,section #df of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 by striking and at the end of paragraph 7#e71 7#b7 by striking the period at the end of paragraph 7#f7 and inserting 1 and1 and 7#c7 by adding at the end the following new paragraph3 7#g7 the qualifying offshore wind facility credit4 4 7b7 ,amount of credit ,subpart ,e of part ,,iv of subchapter ,a of chapter #a is amended by inserting after section #dh;,d the following new section3 #dh;,e4 ,credit for offshore wind facilities 7a7 ,in general ,for purposes of section #df1 the qualifying offshore wind facility credit for any taxable year is an amount equal to #cj percent of the qualified investment for such taxable year with respect to any qualifying offshore wind facility of the taxpayer4 7b7 ,qualified investment 7#a7 ,in general ,for purposes of subsection 7a71 the qualified investment for any taxable year is the basis of eligible property placed in service by the taxpayer during such taxable year which is part of a qualifying offshore wind facility4 7#b7 ,certain qualified progress expenditures rules made applicable ,rules similar to the rules of subsections 7c77#d7 and 7d7 of section #df 7as in effect on the day before the enactment of the ,revenue ,reconciliation ,act of #aiij7 shall apply for purposes of this section4 7c7 ,definitions ,for purposes of this section-- 7#a7 ,qualifying offshore wind facility 7,a7 ,in general ,the term qualifying offshore wind facility means an offshore facility using wind to produce electricity4 7,b7 ,offshore facility ,the term offshore facility means any facility located in the inland navigable waters of the ,united ,states1 including the ,great ,lakes1 or in the coastal waters of the ,united ,states1 including the territorial seas of the ,united ,states1 the exclusive economic zone of ,united ,states1 and the outer ,continental ,shelf of the ,united ,states4 7#b7 ,eligible property ,the term eligible property means any property-- 7,a7 which is-- 7i7 tangible personal property1 or 7ii7 other tangible property 7not including a building or its structural components71 but only if such property is used as an integral part of the qualifying offshore wind facility1 and 7,b7 with respect to which depreciation 7or amortization in lieu of depreciation7 is allowable4 7d7 ,qualifying credit for offshore wind facilities program 7#a7 ,establishment 7,a7 ,in general ,not later than #ahj days after the date of the enactment of this section1 the ,secretary1 in consultation with the ,secretary of ,energy and the ,secretary of the ,interior1 shall establish a qualifying credit for offshore wind facilities program to consider and award certifications for qualified investments eligible for credits under this section to qualifying offshore wind facility sponsors4 7,b7 ,limitation ,the total amount of megawatt capacity for offshore facilities with respect to which credits may be allocated under the program shall not exceed #c1jjj megawatts4 7#b7 ,certification 7,a7 ,application period ,each applicant for certification under this paragraph shall submit an application containing such information as the ,secretary may require beginning on the date the ,secretary establishes the program under paragraph 7#a74 7,b7 ,period of issuance ,an applicant which receives a certification shall have #e years from the date of issuance of the certification in order to place the facility in service and if such facility is not placed in service by that time period1 then the certification shall no longer be valid4 7#c7 ,selection criteria ,in determining which qualifying offshore wind facilities to certify under this section1 the ,secretary shall-- 7,a7 take into consideration which facilities will be placed in service at the earliest date1 and 7,b7 take into account the technology of the facility that may lead to reduced industry and consumer costs or expand access to offshore wind4 7#d7 ,review1 additional allocations1 and reallocations 7,a7 ,review ,periodically1 but not later than #d years after the date of the enactment of this section1 the ,secretary shall review the credits allocated under this section as of the date of such review4 7,b7 ,additional allocations and reallocations ,the ,secretary may make additional allocations and reallocations of credits under this section if the ,secretary determines that-- 7i7 the limitation under paragraph 7#a77;,b7 has not been attained at the time of the review1 or 7ii7 scheduled placed-in-service dates of previously certified facilities have been significantly delayed and the ,secretary determines the applicant will not meet the timeline pursuant to paragraph 7#b77;,b74 7,c7 ,additional program for allocations and reallocations ,if the ,secretary determines that credits under this section are available for further allocation or reallocation1 but there is an insufficient quantity of qualifying applications for certification pending at the time of the review1 the ,secretary is authorized to conduct an additional program for applications for certification4 7#e7 ,disclosure of allocations ,the ,secretary shall1 upon making a certification under this subsection1 publicly disclose the identity of the applicant and the amount of the credit with respect to such applicant4 7e7 ,denial of double benefit ,a credit shall not be allowed under this section with respect to any facility if-- 7#a7 a credit has been allowed to such facility under section #de for such taxable year or any prior taxable year1 7#b7 a credit has been allowed with respect to such facility under section #df by reason of section #dh7;a7 or #dh;,c7a7 for such taxable or any preceding taxable year1 or 7#c7 a grant has been made with respect to such facility under section #afjc of the ,american ,recovery and ,reinvestment ,act of #bjji4 4 7c7 ,conforming amendments 7#a7 ,section #di7;a77#a77;,c7 of the ,internal ,revenue ,code of #aihf is amended-- 7,a7 by striking and at the end of clause 7v71 7,b7 by striking the period at the end of clause 7vi7 and inserting 1 and1 and 7,c7 by adding after clause 7vi7 the following new clause3 7vii7 the basis of any property which is part of a qualifying offshore wind facility under section #dh;,e4 4 7#b7 ,the table of sections for subpart ,e of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after the item relating to section #dh;,d the following new item3 #dh;,e4 ,credit for offshore wind facilities4 4 7d7 ,effective date ,the amendments made by this section shall apply to periods after the date of the enactment of this ,act1 under rules similar to the rules of section #dh7m7 of the ,internal ,revenue ,code of #aihf 7as in effect on the day before the date of the enactment of the ,revenue ,reconciliation ,act of #aiij74