(TRENTON) – An Assembly panel on Thursday advanced legislation sponsored by Assembly Democrats John S. Wisniewski and Craig Coughlin to provide incentives for companies exploring wind energy development.
“Rising electricity costs and environmental concerns urge us to seek new ways to create, conserve and protect our energy resources,” said Wisniewski (D-Middlesex). “Wind farms and the production of clean, renewable energy will be keys to creating the sustainable future New Jersey greatly deserves.”
The bill (A-1697) would amend the Offshore Wind Economic Development Act to expand the definition of “wind energy zone” to include property located in the project area of the “Portfields Initiative,” designated as a portfield site by the Port Authority of New York and New Jersey and the New Jersey Economic Development Authority (EDA). This amendment would also allow the Economic Development Authority to provide tax credits for qualified wind energy facilities located in this area.
“Encouraging the development and expansion of wind energy initiatives is good business for the state,” said Coughlin (D-Middlesex). “Attracting wind energy facilities, in the long run, will create jobs, increase our sustainability, and position our state as one of the few pioneers developing this new energy frontier.”
The measure cleared the Assembly Telecommunications and Utilities Committee.