What\u2019s in OBBBA for offshore?
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With the One Big Beautiful Bill Act (OBBBA) now signed into law, industries and their trade associations are either finding much in it to like, or not. So what\u2019s in it for the offshore industry? More for offshore oil and gas than for offshore wind.<\/p>\n
\u201cThis is a major milestone for the Gulf of America,\u201d said National Ocean Industries Association (NOIA) president Erik Milito.<\/a> \u201cWith President Trump\u2019s signature, OBBBA will restore certainty to the offshore oil and gas leasing process, bringing back the predictability that unlocks investment, protects affordable energy, and strengthens our national security.<\/p>\n \u201cEnergy security is national security. And energy affordability impacts every American household. When Gulf of America lease sales disappear, so do the jobs, investment, and energy production that lift communities from Louisiana to Pennsylvania and across all 50 states. The Gulf of America provisions in OBBBA reverse that trend, creating the stability needed to support long-term growth.<\/p>\n \u201cThese provisions reestablish a dependable offshore leasing program that drives economic activity, supports critical U.S. supply chains, sustains good-paying jobs nationwide, and delivers meaningful funding for conservation and coastal resilience. A strong Gulf of America means a stronger economy and a more secure energy future for the entire nation.<\/p>\n \u201cAt the same time, work remains to ensure business certainty and predictability to power America. Recent changes to the tax code continue to create unnecessary headwinds for offshore wind and for the shipbuilders, ports, and manufacturers that support it. Offshore wind is part of the solution to surging power demand and to our global competitiveness with China. NOIA will keep working with both parties to build support for stronger tax certainty and to advance lasting, broad-based permitting reform. Tackling these issues will benefit the full breadth of the American economy.<\/p>\n \u201cWith OBBBA becoming law, we have a strong foundation for continued Gulf of America energy leadership.\u201d<\/p>\n With the passage of OBBA, says the Oceantic Network<\/a>, offshore wind projects must either start construction by mid-2026 or finish construction by the end of 2027 to qualify for Inflation Reduction Act tax credits, substantially scaling back current policy that kept these credits in place until the next decade. The final bill also includes improvements to the newly created FEOC (Foreign-Entity of Concern) supply chain reporting requirements for tax credit eligibility over earlier drafts, and removed the heavily publicized excise tax the Senate had earlier proposed.<\/p>\n \u201cAmerica needs all the power it can get, but Washington chose to compound our national energy crisis by deprioritizing domestic clean energy production and manufacturing, which will eventually lead to higher energy prices and fewer American jobs,\u201d said Oceantic Network president Liz Burdock.<\/p>\n \u201cWhile this fight is over, I\u2019m incredibly proud of Oceantic\u2019s members and staff \u2014 they worked hard, advocated even harder, and made a difference when it mattered most,\u201d said Burdock. \u201cBecause of their relentless push, developers now have one year to start construction and retain 100% of their tax credits, with a simple \u2018safe harbor\u2019 option. Offshore wind remains a tool to address our nation\u2019s surging energy demand and rising energy costs while driving economic growth. Now we double down and keep fighting for stable policies that let clean energy keep building.\u201d<\/p>\n The post What\u2019s in OBBBA for offshore?<\/a> appeared first on Marine Log<\/a>.<\/p>\n<\/div>\nOFFSHORE WIND<\/h4>\n