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Tax Credits for Onshore Wind Turbine Component Manufacturing in USA

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. Citizens may indirectly benefit from the growth of green energy and potentially lower energy costs in the future.
Key points
Companies investing in onshore wind turbine component manufacturing in the U.S. can receive a 30% tax credit on their qualified investment.
Companies producing onshore wind turbine components in the U.S. can receive a tax credit for each component produced, depending on its type and the turbine's rated capacity.
The act requires that all laborers and mechanics involved in manufacturing these components be paid no less than prevailing local wages.
The tax credits will gradually phase out after 2028 and fully terminate after 2030.
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Additional Information
Print number: 117_S_2909
Sponsor: Sen. Bennet, Michael F. [D-CO]
Process start date: 2021-09-30