[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5771 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5771

  To amend the Internal Revenue Code of 1986 to extend the 30 percent 
          investment tax credit for offshore wind facilities.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 19, 2010

 Mr. Pascrell introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to extend the 30 percent 
          investment tax credit for offshore wind facilities.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Offshore Wind Power Act of 2010''.

SEC. 2. EXTENSION OF 30 PERCENT INVESTMENT CREDIT FOR OFFSHORE WIND 
              FACILITIES.

    (a) In General.--Clause (i) of section 48(a)(2)(A) is amended by 
striking ``and'' at the end of subclause (III) and by adding at the end 
the following new subclause:
                                    ``(V) qualified offshore wind 
                                energy property, but only with respect 
                                to periods ending before January 1, 
                                2017, and''.
    (b) Qualified Offshore Wind Energy Property Defined.--Subsection 
(c) of section 48 is amended by adding at the end the following new 
paragraph:
            ``(5) Qualified offshore wind energy property.--The term 
        `qualified offshore wind energy property' means property 
        which--
                    ``(A) uses wind to generate electricity, and
                    ``(B) is located in--
                            ``(i) 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, or
                            ``(ii) the Great Lakes.''.
    (c) Conforming Amendment.--Subparagraph (A) of section 48(a)(3) of 
the Internal Revenue Code of 1986 is amended by striking ``or'' at the 
end of clause (vi), by inserting ``or'' at the end of clause (vii), and 
by adding at the end the following new clause:
                            ``(viii) qualified offshore wind energy 
                        property,''.
    (d) Effective Date.--The amendments made by this section shall 
apply to periods after December 31, 2012, under rules similar to the 
rules of section 48(m) of the Internal Revenue Code of 1986 (as in 
effect on the day before the date of the enactment of the Revenue 
Reconciliation Act of 1990).
                                 <all>