The recent guidance on the Investment Tax Credit (ITC) for offshore wind energy projects, as outlined by the U.S. Department of the Treasury and IRS, aims to promote renewable energy sources and ensure grid reliability in several ways: 1. Expansion of Eligibility: By expanding the eligibility of the tax credit to include energy storage projects […]

Offshore Wind Power and Renewable Energy Tax Credit Guidance by IRS Introduction The U.S. Department of the Treasury and Internal Revenue Service (IRS) have recently released new guidance on the Investment Tax Credit (ITC) for offshore wind energy projects. This guidance is aimed at providing clarity on the eligibility criteria for various components of offshore […]