To amend the Internal Revenue Code of 1986 to disallow the production tax credit and investment tax credit for offshore wind facilities placed in service in the inland navigable waters of the United States or the coastal waters of the United States.

Bill 119 HR 1462 aims to make changes to the Internal Revenue Code of 1986 by disallowing the production tax credit and investment tax credit for offshore wind facilities that are placed in service in the inland navigable waters or coastal waters of the United States. This means that companies that operate offshore wind facilities in these specific areas would no longer be eligible for these tax credits.

The bill is focused on offshore wind facilities specifically located in inland navigable waters or coastal waters of the United States. It does not affect other types of renewable energy projects or facilities located in different areas.

The purpose of this bill is to potentially reduce government subsidies for offshore wind projects in these specific areas, which some lawmakers believe may not be as necessary or beneficial as in other locations. Supporters of the bill argue that it could help level the playing field for different types of renewable energy projects and ensure that taxpayer dollars are being used effectively. Opponents of the bill may argue that it could hinder the growth of the offshore wind industry in the United States and potentially slow down progress towards achieving renewable energy goals. They may also argue that it could have negative economic impacts on companies and workers involved in offshore wind projects. Overall, Bill 119 HR 1462 seeks to make changes to the tax incentives available for offshore wind facilities in specific areas of the United States, with the goal of potentially reshaping the renewable energy landscape and ensuring that taxpayer dollars are being used efficiently.