WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) and chairman of the Senate Energy Subcommittee, led a bipartisan letter of nine senators who wrote the Treasury Department asking for a safe harbor extension for energy projects that qualify for the production tax credit (PTC) and the investment tax credit (ITC). The extension would help projects that have been delayed due to disruptions caused by the COVID-19 pandemic.
The letter asks Treasury for broader guidance that can help industries better adapt to the delays created by the pandemic, such as disrupted labor markets, supply chains and construction operations.
“Extending the continuity safe harbor by a total of three years, in addition to the standard four-year period, for all open offshore wind projects…will fully address interruptions resulting from COVID-1,” the senators wrote. “These projects are important to many job creators in our state, including shipbuilders, manufacturers, offshore service companies, and offshore wind developers, among others.”
Joining Cassidy in sending the letter were U.S. Senators Sheldon Whitehouse (D-RI), John Kennedy (R-LA), Ed Markey (D-MA), Chris Van Hollen (D-MD), Tim Kaine (D-VA), Jack Reed (D-RI), Ben Cardin (D-MD), and Mark Warner (D-VA).
Read the full letter here.