Massachusetts Sen. Ed Markey made good on his promise to push to extend the 30-percent investment tax credit for the new US offshore wind industry.
Markey joined fellow Democrat Sheldon Whitehouse in filing the Offshore Wind Incentives for New Development (WIND) Act, which would extend the tax break for offshore wind through 2025. Because offshore wind is a new industry and several projects in Massachusetts, New York and other East Coast states await legislative and/or regulatory approval, wind farm developers otherwise would not be able to take advantage of the investment tax credit, which is set to expire in 2019. The tax credit should help keep electricity rates for businesses and homeowners down by lowering initial developer
Great work by Sens. Markey and Whiteside. Building out a new industry that will be such a significant gain in the effort to build new sources of clean, renewable and affordable energy.