Expanding the Energy Community Tax Credit for offshore wind projects can help the industry combat the inflation and supply chain issues driving up costs across the industry.
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More Momentum for Offshore Wind With IRS Expanding the Energy Community Tax Credit
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In Notice 2024-30, the IRS said facilities that house control operations for offshore wind energy systems can be located in ports that can be an "energy community" and therefore eligible for bonus credits created by the 2022 landmark climate law, known as the Inflation Reduction Act . Energy communities include a brownfield site or area whose economy once relied on the fossil fuel industry based on employment information.
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