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New England Senate Democrats Push Treasury for Guidance on Offshore Wind Tax Credits Amid Project Uncertainty

New England Senate Democrats are urging the Treasury Department to release guidance on Inflation Reduction Act offshore wind credits. The two bonus tax credits are intended to incentivize projects developed in traditionally fossil fuel-reliant communities and that use domestically produced materials. Without clear guidance, developers may be forced to bid at unnecessarily high prices or unable to secure project financing due to an inflationary market and congested supply chain. This has led to broken contracts and two canceled wind farms off New Jersey.

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