US Treasury clarifies subsea cable offshore wind tax credits but ITC adders still unclear

Guidance issued by the US Treasury Department on the landmark Inflation Reduction Act (IRA) clarifies subsea cables and power treatment equipment are eligible for investment tax credits but does little to enable early-stage projects to access critical domestic content and energy community adders.

The draft guidance released 17 November covers the section 48 investment tax credit (ITC) that was modified and expanded in the IRA last year.