Once
awarded
a
tax
credit,
developers
would
have
five
years
to
install
the
offshore
wind
facility,
according
to
the
Incentivizing
Offshore
Wind
Power
Act.
They
then
would
be
unable
to
receive
other
federal
production
or
investment
tax
credits.
The
legislation
defines
offshore
facilities
as
those
located
in
US
inland
navigable
waters
including
the
Great
Lakes,
or
in
coastal
waters.
The
bill
has
13
co-sponsors
in
the
100-seat
Senate,
while
Representatives
Bill
Pascrell
Jr.,
a
Democrat,
and
Frank
LoBiondo,
a
Republican,
both
from
New
Jersey,
introduced
it
in
the
435-seat
House
of…
