Tax Credits for Onshore Wind Turbine Component Manufacturing in the US
This act introduces new tax credits for companies manufacturing onshore wind turbine components in the United States. The goal is to support domestic production and create jobs in the renewable energy sector, potentially impacting the availability and cost of green energy in the future. Businesses will receive financial support for factory investments and for each component produced, provided they adhere to prevailing wage standards.
Key points
Companies investing in US factories that manufacture wind turbine components can receive a tax credit equal to 30% of the investment value.
Businesses producing wind turbine parts (blades, towers, nacelles, hubs) and specialized transport or installation equipment will receive a tax credit per unit produced or a percentage of the sale price.
All laborers and mechanics employed in the manufacturing of these components must be paid wages not less than the prevailing rates for similar work in the locality.
The tax credits will be phased out starting in 2029 and will fully terminate after 2030.
Status:
Expired
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