More U.S. offshore wind projects will be able to claim tax credits under the Inflation Reduction Act, under rules the U.S. Treasury Dept. and Internal Revenue Service released March 22. The guidance comes days ahead of a deadline for development proposals off the coast of New England and follows months of sector cost impacts causing delays and even cancellations.
The Inflation Reduction Act, which Congress passed and President Joe Biden signed in 2022, includes a 10% “energy community” bonus for clean energy projects built in areas that had coal mines or coal-fired power plants; a certain amount of employment in fossil fuel sectors; or some brownfield sites.
