,,ii  #aag? ,,congress  #a/ ,session    
,s4 #bgff  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #ba1         
#bjba,mr4 ,m>key 7= himself1 ,mr4       
,book]1 ,mr4 ,m55dez1 ,ms4 ,w>r51 ,mr4  
,van ,holl51 & ,mr4 ,oss(f7 introduc$ ! 
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,f9ance  ,a ,,bill   
,to am5d ! ,int]nal ,rev5ue ,code (     
#aihf to provide a manufactur+ inve/m5t 
tax cr$it & a production tax cr$it =    
manufactur+ facilities t produce (f%ore 
w9d turb9e compon5ts4  #a4 ,%ort title  
,?is ,act may be cit$ z ! ,(f%ore ,w9d  
,am]ican ,manufactur+ ,act ( #bjba4  #b4
 ,(f%ore w9d manufactur+ cr$it  7a7 ,9  
g5]al ,subp>t ,c ( "p ,,iv ( sub*apt] ,a
 ( *apt] #a ( ! ,int]nal ,rev5ue ,code  
is am5d$ by ins]t+ aft] section #cf;,b !
 foll[+ new section3  #cf;,c4 ,(f%ore   
w9d manufactur+ cr$it  7a7 ,all[ance (  
cr$it ,!re %all be all[$ z a cr$it aga9/
 ! tax impos$ by ?is subtitle = any     
taxable ye> an am\nt equal to ! sum (-- 
7#a7 ! (f%ore w9d manufactur+ inve/m5t  

cr$it1 &  7#b7 ! (f%ore w9d manufactur+ 
production cr$it4  7b7 ,cr$it am\nts ,= 
purposes ( ?is section-- 7#a7           
,manufactur+ inve/m5t cr$it  7,a7 ,9    
g5]al ,! (f%ore w9d manufactur+ inve/m5t
 cr$it = any taxable ye> is an am\nt    
equal to #cj p]c5t ( ! qualifi$ inve/m5t
 = su* taxable ye>4  7,b7 ,qualifi$     
inve/m5t ,! qualifi$ inve/m5t = any     
taxable ye> is ! basis ( any advanc$    
(f%ore w9d manufactur+ prop]ty plac$ 9  
s]vice 9 ! ,unit$ ,/ates by ! taxpay]   
dur+ su* taxable ye>4  7,c7 ,advanc$    
(f%ore w9d manufactur+ prop]ty ,! t]m   
advanc$ (f%ore w9d manufactur+ prop]ty  
means prop]ty-- 7i7 :i* is us$          
pr$om9antly to manufacture or process   
any qualifi$ (f%ore w9d compon5t1  7ii7 
:i* respect to :i* depreciation 7or     
amortization 9 lieu ( depreciation7 is  
all[able1 &  7iii7 :i*-- 7,i7 is        
con/ruct$1 recon/ruct$1 or erect$ by !  
taxpay]1 or  7,,ii7 :i* is acquir$ by ! 
taxpay]1 if ! orig9al use ( su* prop]ty 
comm5ces ) ! taxpay]4  7#b7 ,manufactur+

 production cr$it  7,a7 ,9 g5]al ,!     
(f%ore w9d manufactur+ production cr$it 
is an am\nt equal to ! applicable rate )
 respect to any qualifi$ (f%ore w9d     
compon5t or relat$ vessel :i*-- 7i7 is  
produc$ by ! taxpay] at a qualifi$      
manufactur+ facility1 &  7ii7 dur+ !    
taxable ye>-- 7,i7 is sold by ! taxpay] 
to-- 7aa7 an unrelat$ p]son1 or  7bb7 a 
relat$ p]son = ! use ( su* p]son 9 _!   
trade or bus9ess 7) ! exception ( any   
trade or bus9ess relat$ to resale ( su* 
(f%ore w9d compon5t )\t any subsequ5t   
modification1 assembly1 or integration  
into a project71 or  7,,ii7 if n sold1  
is plac$ 9 s]vice or op]ation by !      
taxpay] or any o!r p]son4  7,b7         
,applicable rate ,! applicable rate is--
 7i7 ) respect to any qualifi$ (f%ore   
w9d compon5t1 ! total rat$ capacity     
7express$ on a p] direct curr5t watt    
basis7 ( ! complet$ (f%ore w9d turb9e = 
:i* ! compon5t is design$1 multipli$    
by-- 7,i7 9 ! case ( any blade1 ge>box1 
g5]ator1 or f\ndation 7or d$icat$       

subcompon5t describ$ 9 subsection       
7c77#a77;,a77ii7 !re(71 #b c5ts1  7,,ii7
 9 ! case ( any t[] 7or su* a d$icat$   
subcompon5t !re(71 #c c5ts1 &  7,,iii7 9
 ! case ( any nacelle 7or su* a d$icat$ 
subcompon5t !re(71 #e c5ts1 &  7ii7 )   
respect to any relat$ vessel1 an am\nt  
equal to #aj p]c5t ( ! sale price ( su* 
vessel4  7,c7 ,qualifi$ manufactur+     
facility ,! t]m qualifi$ manufactur+    
facility means any new or exi/+         
facility-- 7i7 :i* is locat$ 9 ! ,unit$ 
,/ates1 &  7ii7 :i* manufactures or     
assembles qualifi$ (f%ore w9d compon5ts1
 subcompon5ts1 & relat$ vessels4  7,d7  
,production & sale mu/ be 9 trade or    
bus9ess ,any qualifi$ (f%ore w9d        
compon5t produc$ & sold by ! taxpay]    
%all be tak5 into acc\nt "u subp>agraph 
7,a77ii77,i7 only if ! production & sale
 describ$ 9 subp>agraph 7,a7 is 9 a     
trade or bus9ess ( ! taxpay]4  7c7      
,def9itions ,= purposes ( ?is section-- 
7#a7 ,qualifi$ (f%ore w9d compon5t  7,a7
 ,9 g5]al ,! t]m qualifi$ (f%ore w9d    

compon5t means-- 7i7 any blade1 t[]1    
nacelle1 g5]ator1 ge>box1 or f\ndation1 
&  7ii7 any d$icat$ subcompon5t necess>y
 to ! production1 con/ruction1 &        
op]ation ( any su* prop]ty4  7,b7       
,def9itions  7i7 ,blade ,! t]m blade    
means an airfoil-%ap$ blade :i* is      
responsible = conv]t+ (f%ore w9d en]gy  
to l[ spe$ rotational en]gy4  7ii7 ,t[] 
,! t]m t[] means a tubul> /eel1         
concrete1 or /eel lattice :i* supports !
 /ructure ( an (f%ore w9d turb9e4  7iii7
 ,nacelle ,! t]m nacelle means !        
assembly ( ! cov] h\s+ = drive tra9 &   
o!r t[]-top compon5ts ( an (f%ore w9d   
turb9e4  7iv7 ,g5]ator ,! t]m g5]ator   
means ! compon5t :i* is h\s$ 9 ! nacelle
 & conv]ts ! me*anical en]gy f ! rotor  
to electrical en]gy4  7v7 ,ge>box ,! t]m
 ge>box means ! compon5t h\s$ 9 !       
nacelle :i* conv]ts ! l[-spe$1          
high-torque rotation ( ! rotor = input  
into ! g5]ator4  7vi7 ,f\ndation ,! t]m 
f\ndation means ! compon5t :i* secures  
an (f%ore w9d t[] & above-wat] turb9e   

compon5ts to ! sea floor us+ (f%ore w9d 
monopiles1 jackets1 gravity-bas$        
f\ndations1 fix$1 or float+ plat=ms4    
7#b7 ,relat$ vessel ,! t]m relat$ vessel
 means any vessel :i* is purpose-built  
or retr(itt$ = purposes ( ! transport1  
in/allation1 or ma9t5ance ( (f%ore w9d  
compon5ts & (f%ore w9d turb9es4  7d7    
,special rules ,= purposes ( ?is        
section-- 7#a7 ,secret>y ,any ref]5ce to
 ! ,secret>y means ! ,secret>y 9        
consultation ) ! ,secret>y ( ,en]gy4    
7#b7 ,labor conditions ,any prop]ty %all
 be treat$ z advanc$ (f%ore w9d         
manufactur+ prop]ty1 & any facility %all
 be treat$ z a qualifi$ manufactur+     
facility1 only if all labor]s & me*anics
 employ$ by all contractors &           
subcontractors 9 ! manufacture ( su*    
prop]ty or at su* facility are paid     
wages at rates n less ?an ! prevail+    
rates = "w ( a simil> "* 9 ! locality z 
det]m9$ by ! ,secret>y ( ,labor1 9      
accordance ) sections #cada ?r\gh #cadd1
 #cadf1 & #cadg ( title #dj1 ,unit$     

,/ates ,code4  7#c7 ,c]ta9 rules made   
applicable = inve/m5t cr$it ,= purposes 
( ! (f%ore w9d manufactur+ inve/m5t     
cr$it det]m9$ "u subsection 7b77#a71    
rules simil> to ! rules ( subsections   
7a7 & 7c7 ( section #ej %all apply4     
7#d7 ,coord9ation ) g5]al inve/m5t cr$it
 ,no cr$it %all be all[$ "u section     
#dh;,c ) respect to any facility tak5   
into acc\nt = purposes ( ! cr$it "u     
subsection 7b77#b71 or any facility )   
respect to :i* any qualifi$ inve/m5t is 
tak5 into acc\nt = purposes ( ! cr$it "u
 subsection 7b77#a74 ,! cr$it "u ?is    
section %all be all[$ )\t reg>d to :e!r 
any qualifi$ inve/m5t 7z def9$ 9 section
 #dh;,c7b77 ) respect to a facility has 
be5 tak5 into acc\nt = purposes (       
section #dh;,c 9 any prec$+ taxable ye>4
  7e7 ,regi/ration  7#a7 ,9 g5]al ,no   
cr$it %all be all[$ "u ?is section      
unless ! taxpay] regi/]s ) ! ,secret>y1 
at su* "t1 9 su* =m & mann]1 & subject  
to su* t]ms & conditions1 z ! ,secret>y 
may by regulations prescribe4 ,su*      

regi/ration %all include a demon/ration 
( compliance ) ! requirem5ts (          
subsection 7d77#b74  7#b7 ,regi/ration 9
 ev5t ( *ange 9 own]%ip ,"u regulations 
prescrib$ by ! ,secret>y1 ! taxpay] 7o!r
 ?an a corporation ! /ock ( :i* is      
regul>ly trad$ on an e/abli%$ securities
 m>ket7 %all be requir$ to re-regi/] "u 
?is subsection if aft] a transaction 7or
 s]ies ( relat$ transactions7 m ?an #ej 
p]c5t ( own]%ip int]e/s 91 or assets (1 
! taxpay] are held by p]sons o!r ?an    
p]sons 7or p]sons relat$ !reto7 :o held 
m ?an #ej p]c5t ( su* int]e/s or assets 
be=e ! transaction 7or s]ies ( relat$   
transactions74  7#c7 ,d5ial1 revocation1
 or susp5sion ( regi/ration ,rules      
simil> to ! rules ( section #dbbb7;c7   
%all apply to regi/ration "u ?is        
section4  7#d7 ,in=mation report+ ,!    
,secret>y may require-- 7,a7 in=mation  
report+ by any p]son regi/]$ "u ?is     
subsection1 &  7,b7 in=mation report+ by
 su* o!r p]sons z ! ,secret>y deems     
necess>y to c>ry out ?is section4  7f7  

,t]m9ation  7#a7 ,(f%ore w9d manufactur+
 inve/m5t tax cr$it  7,a7 ,9 g5]al      
,except z provid$ 9 subp>agraph 7,b71 9 
! case ( any qualifi$ inve/m5t ) respect
 to advanc$ (f%ore w9d manufactur+      
prop]ty :i* is plac$ 9 s]vice aft]      
,decemb] #ca1 #bjbh1 ! am\nt ( ! cr$it  
det]m9$ "u subsection 7b77#a7 7)\t reg>d
 to ?is subsection7 %all be r$uc$ by--  
7i7 9 ! case ( prop]ty plac$ 9 s]vice 9 
cal5d> ye> #bjbi1 #cj p]c5t1  7ii7 9 !  
case ( prop]ty plac$ 9 s]vice 9 cal5d>  
ye> #bjcj1 #fe p]c5t1 &  7iii7 9 ! case 
( prop]ty plac$ 9 s]vice aft] ,decemb]  
#ca1 #bjcj1 #ajj p]c5t4  7,b7 ,c]ta9    
progress exp5diture rules made          
applicable ,rules simil> to ! rules (   
subsections 7c77#d7 & 7d7 ( section #df 
7z 9 effect on ! day be=e ! date ( !    
enactm5t ( ! ,rev5ue ,reconciliation    
,act ( #aiij7 %all apply = purposes (   
subp>agraph 7,a74  7#b7 ,(f%ore w9d     
manufactur+ production tax cr$it ,no    
cr$it %all be all[$ "u subsection       
7b77#b7 9 ! case ( any qualifi$ (f%ore  

w9d compon5t fir/ sold or plac$ 9 s]vice
 aft] ,decemb] #ca1 #bjcj4  4  7b7      
,cl]ical am5dm5t ,! table ( sections =  
subp>t ,c ( "p ,,iv ( sub*apt] ,a (     
*apt] #a ( ! ,int]nal ,rev5ue ,code is  
am5d$ by ins]t+ aft] ! item relat+ to   
section #cf;,b ! foll[+ new item3  ,sec4
 #cf;,c4 ,(f%ore w9d manufactur+ cr$it4 
4  7c7 ,con=m+ am5dm5t ,p>agraph 7#b7 ( 
section #acbd7;b7 ( title #ca1 ,unit$   
,/ates ,code1 is am5d$ by ins]t+ 1      
#cf;,c aft] #cf;,b4  7d7 ,effective date
 ,! am5dm5ts made by ?is section %all   
apply to-- 7#a7 any qualifi$ inve/m5t 7z
 def9$ 9 section #cf;,c7b77#a77;,b7 ( ! 
,int]nal ,rev5ue ,code ( #aihf1 z add$  
by ?is section7 ) respect to prop]ty    
plac$ 9 s]vice beg9n+ aft] ,augu/ #a1   
#bjba1 &  7#b7 qualifi$ (f%ore w9d      
compon5ts 7z def9$ 9 section            
#cf;,c7c77#a7 ( su* ,code1 z s add$7    
fir/ sold or plac$ 9 s]vice aft] ,augu/ 
#a1 #bjba4