CONGRESS FOR VOTERS

RepublicanBill · H.R. 1462· House(119-HR-1462)

To amend the Internal Revenue Code of 1986 to disallow the production tax credit and investment tax credit for offshore wind facilities placed in service in the inland navigable waters of the United States or the coastal waters of the United States.

Rep. Fallon
Age: 59 years
Texas
Introduced
2/21/2025
Last activity
2/21/2025 — Referred to the House Committee on Ways and Means.
Sponsored by
Pat Fallon
Cosponsors
Republican - 3Democrat - 0
Taxation
  1. Introduced
  2. In Committee

What this bill would do

This bill seeks to amend the Internal Revenue Code of 1986. The primary goal is to disallow the production tax credit and the investment tax credit for offshore wind facilities. These specific facilities must be located in the coastal waters or the inland navigable waters of the United States. The changes would target the investment tax credit under Section 48 and the production tax credits under Sections 45 and 45Y. These amendments would take effect for energy produced and property placed in service after December 31, 2025.

Yes

  • Does this raise the taxes companies pay?+5

    The bill reduces corporate tax benefits by disallowing investment and production tax credits for offshore wind facilities.

  • Does this reduce what the federal government spends?+4

    The bill reduces government spending by eliminating tax credits that would otherwise reduce federal revenue.

The opposite· 3 of 5

  • Does this put more money into wind, solar and other renewable power?-6

    The bill discourages renewable energy investment by disallowing the investment tax credit for offshore wind facilities.

  • Does this cut the pollution that drives climate change?-5

    The bill may hinder the transition to renewable energy by removing financial incentives for offshore wind development.

  • Would business owners be better off under this?-5

    The bill negatively impacts business owners in the offshore wind industry by removing critical tax credits.