S.Amdt. 1446

SA 1446. Mr. CARPER (for himself, Ms. Collins, Mr. Menendez, Mr.
Whitehouse, Mr. Reed, Ms. Warren, Mr. Heinrich, Mr. Markey, Mr. Cardin,
and Mr. Brown) submitted an amendment intended to be proposed to
amendment SA 1407 submitted by Ms. Murkowski and intended to be
proposed to the bill S. 2657, to support innovation in advanced
geothermal research and development, and for other purposes; which was
ordered to lie on the table; as follows:

At the end, add the following:

TITLE IV--AMENDMENTS TO THE INTERNAL REVENUE CODE OF 1986

SEC. 4001. EXTENSION OF ENERGY CREDIT FOR OFFSHORE WIND
FACILITIES.

(a) In General.--Section 48(a)(5) of the Internal Revenue
Code of 1986 is amended by adding at the end the following:
``(F) Qualified offshore wind facilities.--
``(i) In general.--In the case of any qualified offshore
wind facility--

``(I) subparagraph (C)(ii) shall be applied by substituting
`January 1 of the applicable year (as determined under
subparagraph (F)(ii))' for `January 1, 2021',
``(II) subparagraph (E) shall not apply, and
``(III) for purposes of this paragraph, section 45(d)(1)
shall be applied by substituting `January 1 of the applicable
year (as determined under section 48(a)(5)(F)(ii))' for
`January 1, 2021'.

``(ii) Applicable year.--

``(I) In general.--For purposes of this subparagraph, the
term `applicable year' means the later of--

``(aa) calendar year 2027, or
``(bb) the calendar year subsequent to the first calendar
year in which the Secretary, in consultation with the
Secretary of Energy, determines that the United States has
increased its offshore wind capacity by not less than 3,000
megawatts as compared to such capacity on January 1, 2021.

``(II) Exclusion of certain facilities.--For purposes of
subclause (I)(bb), the Secretary shall not include any
increase in offshore wind capacity which is attributable to
any facility the construction of which began before January
1, 2021.

``(iii) Qualified offshore wind facility.--For purposes of
this subparagraph, the term `qualified offshore wind
facility' means a qualified facility described in paragraph
(1) of section 45(d) which is located in the inland navigable
waters of the United States, including the Great Lakes, or in
the coastal waters of the United States, including the
territorial seas of the United States, the exclusive economic
zone of the United States, and the outer Continental Shelf of
the United States.
``(iv) Report on offshore wind capacity.--On January 15,
2026, and annually thereafter until the calendar year
described in clause (ii)(I)(bb), the Secretary, in
consultation with the Secretary of Energy, shall issue a
report to be made available to the public which discloses the
increase in the offshore wind capacity of the United States,
as measured in total megawatts, since January 1, 2021.''.
(b) Effective Date.--The amendment made by this section
shall apply to periods after December 31, 2016, under rules
similar to the rules of section 48(m) of the Internal Revenue
Code of 1986 (as in effect on the day before the date of the
enactment of the Revenue Reconciliation Act of 1990).
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