I 111th CONGRESS 2d Session H. R. 5771 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.

1.

Short title

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

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).