Victory | December 1, 2012
Investment Tax Credit for Offshore Wind Saved
Thanks to tireless campaigning by Oceana, Congress passed legislation crucial to the future of the country’s clean energy future. As part of the so-called “fiscal cliff” deal, the U.S. Congress voted to extend the Investment Tax Credit (ITC), a financing tool for offshore wind that makes investment in the clean energy industry much more attractive. The ITC technically expired at midnight on New Year’s Eve, and, if left expired, could have jeopardized a new industry with the potential to generate tens of thousands of jobs and enough electricity to power the country four times over. Fortunately, the tax credit was extended at the eleventh hour.