Sen. Chuck Schumer (D-N.Y.) is leading an effort to rescue the offshore wind industry, which is currently struggling due to the COVID-19 pandemic’s impact on the global supply chain. Schumer is calling for an extension of the Investment Tax Credit (ITC) and Production Tax Credit (PTC), two tax incentives that help offset the cost of wind energy projects. These credits are due to expire at the end of 2020. Schumer’s proposal is a part of the “American Energy Innovation Act,” and is supported by Sens. Ed Markey (D-Mass.) and Sheldon Whitehouse (D-R.I.).
Want to know more about Sen. Chuck Schumer’s mission to save the offshore wind industry? Interested in the implications of the proposed extension of the Investment Tax Credit (ITC) and Production Tax Credit (PTC)? For detailed insights and expert opinions, click the link below.
