Senate Finance Committee Clears Way for Extension of Critically Important Investment Tax Credit for Offshore Wind
Press Release Date: April 7, 2014
Today, the United States Senate Committee on Finance cleared the way for a two-year extension of the investment tax credit (ITC) for offshore wind projects that begin construction before the end of 2015. The credit was allowed to expire on December 31, 2013.
Oceana applauded the Committee’s vote and released the following statement from ocean advocate Nancy Sopko:
“Oceana applauds the Senate Finance Committee’s decision to extend the critically important investment tax credit for offshore wind. As we approach the four-year commemoration of the BP oil spill disaster, we are reminded of the importance of shifting away from fossil fuels and towards a clean energy economy.
Clean energy is an issue both sides can agree on, and we hope the Senate and House will make passing this legislation a top priority. Offshore wind is a clean and abundant energy source that remains largely untapped in the U.S. The long-term availability of the investment tax credit is imperative to ensuring the continued momentum of this job-creating industry in the U.S.
Offshore wind development in the U.S. will create hundreds of thousands of long-term jobs for American workers and will help to mitigate the effects of global climate change. It’s good for the economy, it never spills, and it will help to save our oceans.”