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Tax Credits for Offshore Wind Turbine Component Manufacturers

This act introduces new tax credits for companies manufacturing offshore wind turbine components in the United States. The goal is to support local production and create jobs in the renewable energy sector. Companies can receive credits for investment costs and for produced components, provided they meet specific wage and apprenticeship requirements.
Key points
Companies investing in the production of offshore wind turbine components in the U.S. can receive a tax credit of 30% of qualified investments.
Companies producing components like blades, towers, nacelles, drive trains, foundations, substations, vessels, and cables can receive a tax credit for each unit produced.
To qualify for full credits, companies must pay prevailing wages and employ a specified percentage of apprentices.
The act aims to boost renewable energy production in the U.S. and create new industrial jobs.
Tax credits will be phased out after 2028 and fully terminated after 2030.
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Expired
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Additional Information
Print number: 117_HR_7388
Sponsor: Rep. Pascrell, Bill, Jr. [D-NJ-9]
Process start date: 2022-04-04
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Offshore Wind American Manufacturing Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7388.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-04-04.

What are the main provisions?

Key points include:

  • Companies investing in the production of offshore wind turbine components in the U.S. can receive a tax credit of 30% of qualified investments.
  • Companies producing components like blades, towers, nacelles, drive trains, foundations, substations, vessels, and cables can receive a tax credit for each unit produced.
  • To qualify for full credits, companies must pay prevailing wages and employ a specified percentage of apprentices.
  • The act aims to boost renewable energy production in the U.S. and create new industrial jobs.
  • Tax credits will be phased out after 2028 and fully terminated after 2030.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Pascrell, Bill, Jr. [D-NJ-9].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Environment Economy