Tax break for offshore wind developer Orsted moves ahead in New Jersey Legislature

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A bill that would let Danish offshore wind developer Orsted keep tax credits that it otherwise would have to return to New Jersey ratepayers moved closer to approval Friday as it was passed by the state Assembly. The federal 2022 Inflation Reduction Act is “designed to further spur investment in the American clean energy economy in the face of continuing macroeconomic challenges,” according to the bill, which was The New Jersey legislation highlighted a sharp partisan divide over offshore wind projects, with Republicans mostly opposing them as harmful to the environment, marine life and the fishing and tourism industries, and Democrats supporting them as crucial to moving away from the burning of fossil fuels that is contributing to a warming climate. “This bill puts offshore wind on a fairer playing field with the nuke and fossil fuel industries, which we keep throwing billions at," he said. Orsted is the only company that would benefit from the bill, which applies to the first of two offshore wind projects Orsted plans for the waters off New Jersey.