WASHINGTON – U.S. Senators Chris Murphy (D-Conn.) and Richard Blumenthal (D-Conn.) on Friday released the following statement on the U.S. Department of Treasury’s new guidance for the Offshore Wind Tax Credit:

“Offshore wind is crucial to achieving our climate goals and lowering energy costs. For months, we have been pushing Treasury to release this guidance so that bureaucratic red tape doesn’t stand in the way of offshore wind projects in our state. Today’s announcement is great news for the industry in Connecticut and will help us fulfill the true intent of the Inflation Reduction Act – to create good-paying jobs, lower costs, and invest in clean energy. This is a promising development, and we will continue working to support the success of offshore wind projects in our state.”

In October, Murphy and Blumenthal sent a letter to Treasury and the U.S. Internal Revenue Service (IRS), requesting the release of final and strengthened guidance on the domestic content and energy communities bonus tax credit so that states can maximize ratepayer savings and contribute to a clean energy economy.