; and (3) by adding at the end the following new paragraph: (7) the qualifying offshore wind facility credit. . (b) Amount of credit Subpart E of part IV of subchapter A of chapter 1 is amended by inserting after section 48D the following new section: 48E. Credit for offshore wind facilities (a) In general For purposes of section 46, the qualifying offshore wind facility credit for any taxable year is an amount equal to 30 percent of the qualified investment for such taxable year with respect to any qualifying offshore wind facility of the taxpayer. (b) Qualified investment (1) In general For purposes of subsection (a), the qualified investment for any taxable year is the basis of eligible property placed in service by the taxpayer during such taxable year which is part of a qualifying offshore wind facility. (2) Certain qualified progress expenditures rules made applicable Rules similar to the rules of subsections (c)(4) and (d) of section 46 (as in effect on the day before the enactment of the Revenue Reconciliation Act of 1990) shall apply for purposes of this section. (c) Definitions For purposes of this section— (1) Qualifying offshore wind facility (A) In general The term qualifying offshore wind facility means an offshore facility using wind to produce electricity. (B) Offshore facility The term offshore facility means any facility located in the inland navigable waters of the United States, including the Great Lakes, or in the coastal waters of the United States, including the territorial seas of the United States, the exclusive economic zone of the United States, and the outer Continental Shelf of the United States. (2) Eligible property The term eligible property means any property— (A) which is— (i) tangible personal property, or (ii) other tangible property (not including a building or its structural components), but only if such property is used as an integral part of the qualifying offshore wind facility, and (B) with respect to which depreciation (or amortization in lieu of depreciation) is