Offshore Wind Revenue Sharing for Coastal States
This bill changes how revenues from offshore wind projects in the New York Bight area are distributed. Half of the revenue will go to the federal budget, and the other half will be allocated to eligible coastal states and local governments. These funds are intended for coastal protection, workforce training in renewable energy, and infrastructure development, potentially impacting local environments and economies.
Key points
50% of offshore wind revenues from the New York Bight will go directly to coastal states and local governments.
These funds must be used for coastal protection, renewable energy workforce development, energy infrastructure, and STEM education.
The bill ensures these payments are exempt from budget cuts (sequestration).
Expired
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