U.S. Omnibus Spending Bill Extends Renewable Energy Tax Credits, an Industrial Info Market Brief

The $2.4 trillion omnibus spending legislation approved by both houses of Congress will extend the ongoing tax subsidies for wind and solar power in the U.S. The Production Tax Credit for land-based wind power will be extended for one year at 60% of the full tax credit. Developers of offshore wind power get a first-time 30% Investment Tax Credit for projects that began construction starting January 1, 2017 through December 31, 2025. Industrial Info is tracking more than 120 land-based wind projects, worth $41 billion, that have earmarked 2021 for the start of construction.