Washington, DC — Today, the Treasury Department proposed guidance that expands eligibility for a bonus tax credit in the Inflation Reduction Act. The tax credit will drive offshore wind investments to communities whose economies have relied on fossil fuels.

“With today’s tax credit guidance from the Treasury, the U.S. offshore wind industry is further encouraged to invest in energy communities which will accelerate offshore wind’s benefits for workers and communities,” Catherine Bowes, Senior Director for Turn Forward, a nonprofit offshore wind advocacy group, said. “Turn Forward is glad to see the Inflation Reduction Act continue to drive game changing investments that benefit local economies, the environment, and communities across the country. This clarity will spur offshore wind’s transformational job creation and economic opportunities, even as soon as next week’s precedent-setting tristate procurement for New England.”

Under the new guidance, offshore wind projects will be eligible for the bonus if their onshore operations and maintenance facilities are located at a port in designated energy communities.

Turn Forward is an independent, non-profit advocacy organization dedicated to advancing an ambitious vision for American offshore wind power that meets today’s climate, economic, equity and environmental challenges.

For media inquiries, please reach out to avery@turnforward.org