The future of a bill that would let Danish offshore wind developer Orsted keep tax credits that it otherwise would have to return to New Jersey ratepayers was uncertain Friday afternoon after it failed to gather enough support in the state Senate. The measure to allow Orsted to keep federal tax credits to help counter what lawmakers termed lingering economic effects from the COVID-19 pandemic and elevated inflation was passed by the state Assembly earlier Friday, but did not received enough votes in the Senate. The bill applies to Orsted’s first project in New Jersey, Ocean Wind I, which aims to generate enough electricity to power 500,000 homes.
A bill to let Danish offshore wind energy developer Orsted keep tax credits that it otherwise would have to return to New Jersey ratepayers was approved by the slimmest of
A bill to let Danish offshore wind energy developer Orsted keep tax credits that it otherwise would have to return to New Jersey ratepayers was approved by the slimmest of margins in the state Legislature Friday afternoon
The measure would allow Orsted to keep federal tax credits to help counter what lawmakers termed lingering economic effects from the COVID-19 pandemic and elevated inflation.