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Renewable Energy News Briefs - June 2023

A bill introduced April 5 in the U.S. House of Representatives aims to boost offshore wind construction and manufacturing through the renewable energy investment tax credit (ITC) and production tax credit (PTC). H.R. 7388, The Offshore Wind American Manufacturing Act would create a 30% ITC for qualified facilities that manufacture offshore wind components through Dec. 31, 2028, followed by a reduction of 30% for property placed in service in 2029, 65% for property placed in service in 2030 and 100% for property placed in service after Dec. 31, 2030. The bill would also create a new PTC that would range from approximately 2 cents to 5 cents per watt multiplied by the total rated capacity of the turbine, with components such as blades, towers, generators, gearboxes and foundations contributing to variable factors. This PTC would expire Dec. 31, 2030. Both would apply to properties or components placed in service after Aug. 1, 2021. Proponents say as a vehicle for job growth, the credit would see a boost in areas where prevailing wages are paid for laborers involved in construction and expansion of manufacturing facilities or where there is unionized labor in the manufacturing of offshore wind components.

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A bill on the desk of Iowa Gov. Kim Reynolds would increase the state’s Biodiesel Blended Fuel Tax Credit to 4 cents per gallon (cpg) from 2 cpg. H.F. 2128, the Iowa Biofuels Access Bill, would extend fuel retailer credits for blends classified between B11 and B19.

Journal Category:

Renewable Energy Tax Credits

Authors:

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