Government Relations Principals Timothy Costa and Edward Hild fought to preserve financing measures on behalf of an offshore wind company client by impacting the Tax Cuts and Jobs Act in the House and Senate.
In the House, Tim and Ed halted a provision that endangered our client’s access to tax credits for its projects. The provision would have immediately eliminated the production tax credit (PTC) and investment tax credit (ITC), which were set to expire at the end of 2019. Our team intercepted to preserve financing for our clients’ projects and also got the provision stricken from the final Conference Report passed by Congress.
Tim and Ed also worked to modify a Senate provision creating the base erosion anti-abuse tax (BEAT), which, left unchanged, would have severely impacted our clients’ ability to obtain financing for proposed offshore wind projects from the private equity market.