Keeping jobs creation a top priority, U.S. Bill Pascrell, Jr. (D-NJ-8) introduced legislation aimed at bringing manufacturing jobs to New Jersey by encouraging investment in offshore wind power industries.
"We know that most of the jobs that were lost in the last recession are never going to come back. This legislation helps us develop the future job opportunities that lie in the new economy that will be powered by green energy resources and technologies," said Pascrell, a member of the House Ways and Means Committee. "This is the heart of economic recovery: putting people to work to build a more sustainable future all Americans."
The Offshore Wind Power Act, H.R. 5771, would allow investments in geothermal and offshore wind facilities to be eligible the federal 30 percent investment tax credit. The Joint Committee on Taxation estimates that this will allow $2.3 billion to be retained by pending offshore wind power projects.
This extension of the tax credit is intended to spur the construction of wind power facilities slated to be built at locations off the eastern seaboard, including one project near Atlantic City, N.J. Each of these facilities will require heavy equipment, including massive wind turbines, to be manufactured near the project's location.
The legislation would also amend a Recovery Act requirement that construction of offshore wind power projects begin before the end of 2010 in order receive the tax credit. Through the bill, all offshore wind power projects would be eligible for the tax credit as long as construction begins before Dec. 31, 2016.
This change would accommodate the approximately 5-year period to build an offshore wind power facility -- as opposed to a land-based facility, which typically takes about three years to build.