1. Short title This Act may be cited as the Incentivizing Offshore Wind Power Act . 2. Extension of energy credit for offshore wind facilities (a) In general Section 48(a)(5) of the Internal Revenue Code of 1986 is amended by adding at the end the following: (F) Qualified offshore wind facilities (i) In general In the case of any qualified offshore wind facility— (I) subparagraph (C)(ii) shall be applied by substituting January 1 of the applicable year (as determined under subparagraph (F)(ii)) for January 1, 2020 , (II) subparagraph (E) shall not apply, and (III) for purposes of this paragraph, section 45(d)(1) shall be applied by substituting January 1 of the applicable year (as determined under section 48(a)(5)(F)(ii)) for January 1, 2020 . (ii) Applicable year For purposes of this subparagraph, the term applicable year means the later of— (I) calendar year 2027, or (II) the calendar year subsequent to the first calendar year in which the Secretary, in consultation with the Secretary of Energy, determines that the United States has increased its offshore wind capacity by not less than 3,000 megawatts as compared to such capacity on January 1, 2020. For purposes of subclause (II), the Secretary shall not include any increase in offshore wind capacity which is attributable to any facility the construction of which began before January 1, 2020. (iii) Qualified offshore wind facility For purposes of this subparagraph, the term qualified offshore wind facility means a qualified facility described in paragraph (1) of section 45(d) which is 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. (iv) Report on offshore wind capacity On January 15, 2026, and annually thereafter until the calendar year described in clause (ii)(II), the Secretary, in consultation with the Secretary of