Today, the U.S. Department of the Treasury and Internal Revenue Service released new tax guidance on the Investment Tax Credit in the Inflation Reduction Act (IRA). Turn Forward, a nonprofit advocacy organization, applauded this action and the clarity it will provide regarding eligibility for the substantial investments in transmission and grid infrastructure development components of offshore wind energy projects.
“Today’s action is a common-sense step to ensure greater clarity in how the Inflation Reduction Act can accelerate investments in transformational clean energy projects including offshore wind,” said Catherine Bowes, Senior Director of Strategy and Advocacy at Turn Forward. “Offshore wind infrastructure development can bring good-paying jobs, help stabilize energy prices, and secure our nation’s energy independence while powering homes and businesses with critically-needed clean energy. Finalizing guidance to clarify eligibility for more offshore wind investments is exactly what’s needed to ensure the Inflation Reduction Act continues to help create a stable foundation for this emerging industry to scale to its full potential in the U.S.”
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 email@example.com.