Energy credit for qualified offshore wind facilities

(a)

In general

Section 48 of the Internal Revenue Code is amended— (1)in subsection (a)— (A)in paragraph (2)(A)(i)— (i)in subclause (III), by striking and at the end; and (ii)by adding at the end the following new subclause:

(V)qualified offshore wind property, and

; and

(B)in paragraph (3)(A)— (i)in clause (vi), by striking or at the end; (ii)in clause (vii), by adding or at the end; and (iii)by adding at the end the following new clause:

(viii)qualified offshore wind property, but only with respect to property the construction of which begins before January 1, 2026,

; and

(2)in subsection (c), by adding at the end the following new paragraph:

(5)

Qualified offshore wind property

(A)

In general

The term qualified offshore wind property means an offshore facility using wind to produce electricity. (B)

Offshore facility

The term offshore facility means any facility located in the inland navigable waters of the United States, including the Great Lakes, or in the coastal waters of the United States, including the territorial seas of the United States, the exclusive economic zone of the United States, and the outer Continental Shelf of the United States. (C)

Exception for qualified small wind energy property

The term qualified offshore wind property shall not include any property described in paragraph (4).

(b)

Effective date

The amendments made by this section shall take effect on the date of the enactment of this Act.