Mr. KEATING. Mr. Speaker, I rise to reiterate my support for the wind production tax credit and the investment tax credit for offshore wind.
The production tax credit has encouraged nearly $20 billion in nationwide private investment annually over the last 5 years, while the ITC serves as the most fundamental Federal tax incentive for offshore wind development.
As we promote investments that will reduce our dependence on foreign oil and serve as a central part in our fight against climate change, it's essential to remember the spillover of job creation and specialized expertise that will follow.
In Massachusetts, we've witnessed firsthand the critical economic development opportunities of renewable energy projects provided to our States. Our region has undergone an economic regeneration with the development of Cape Wind, the Nation's first offshore wind fund. From the Port of New Bedford, which will serve as the staging area for turbine assembly, to the ferry captains who will provide eco-tours of the turbines, few communities will not be benefited by this.
Massachusetts is already recognized as one of the top three States for clean energy. We're home to nearly 5,000 individual clean energy companies, and nearly 2 percent of all Massachusetts jobs are now in this field.
It's important, as we go forward, that we not let this void occur, and we fill it with jobs made in America.