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Offshore Wind American Manufacturing Act of 2022

12/29/2022, 11:03 PM

Summary of Bill HR 7388

Bill 117 hr 7388, also known as the Offshore Wind American Manufacturing Act of 2022, aims to promote the development of offshore wind energy in the United States while also supporting domestic manufacturing of wind energy components. The bill focuses on creating jobs and boosting the economy through the expansion of the offshore wind industry.

Key provisions of the bill include providing grants and funding for research and development of offshore wind technology, as well as establishing a competitive grant program to support the manufacturing of wind energy components in the United States. The bill also aims to streamline the permitting process for offshore wind projects and promote collaboration between federal, state, and local governments to facilitate the growth of the industry.

Additionally, the bill includes provisions to ensure that offshore wind projects adhere to environmental regulations and protect wildlife habitats. It also emphasizes the importance of workforce training and development to support the growing offshore wind industry. Overall, the Offshore Wind American Manufacturing Act of 2022 seeks to promote sustainable energy development, create jobs, and strengthen the domestic manufacturing sector in the United States.

Congressional Summary of HR 7388

Offshore Wind American Manufacturing Act of 2022

This bill establishes a new, refundable tax credit for investment in manufacturing facilities that produce offshore wind turbine components. The credit amount is equal to the sum of the offshore wind manufacturing investment credit (30% of the investment amount) and the offshore wind manufacturing production credit.

Current Status of Bill HR 7388

Bill HR 7388 is currently in the status of Bill Introduced since April 4, 2022. Bill HR 7388 was introduced during Congress 117 and was introduced to the House on April 4, 2022.  Bill HR 7388's most recent activity was Referred to the House Committee on Ways and Means. as of April 4, 2022

Bipartisan Support of Bill HR 7388

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
8
Democrat Cosponsors
8
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 7388

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 7388

Offshore Wind American Manufacturing Act of 2022
Offshore Wind American Manufacturing Act of 2022
To amend the Internal Revenue Code of 1986 to provide a manufacturing investment tax credit and a production tax credit for manufacturing facilities that produce offshore wind turbine components.

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