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Tax Credits for US Offshore Wind Component Manufacturing

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. Citizens can expect industrial growth, potentially leading to new employment opportunities and lower energy costs in the future.
Key points
Companies producing key offshore wind turbine components like blades, towers, or generators can receive tax credits.
The act provides two types of credits: one for investments in new manufacturing facilities (30% of investment value) and another for actual component production.
All laborers and mechanics employed in manufacturing these components must be paid no less than prevailing local wages, protecting workers' rights.
These credits will be phased out after 2028 and fully terminated after 2030, giving companies time to develop and become self-sufficient.
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Expired
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Additional Information
Print number: 117_S_2766
Sponsor: Sen. Markey, Edward J. [D-MA]
Process start date: 2021-09-21
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Offshore Wind American Manufacturing Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2766.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-09-21.

What are the main provisions?

Key points include:

  • Companies producing key offshore wind turbine components like blades, towers, or generators can receive tax credits.
  • The act provides two types of credits: one for investments in new manufacturing facilities (30% of investment value) and another for actual component production.
  • All laborers and mechanics employed in manufacturing these components must be paid no less than prevailing local wages, protecting workers' rights.
  • These credits will be phased out after 2028 and fully terminated after 2030, giving companies time to develop and become self-sufficient.
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 Sen. Markey, Edward J. [D-MA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Environment Economy