What’s in “The One Big Beautiful Bill” for offshore?

Image: Architect of the Capitol

The House Ways and Means Committee yesterday released its proposed mark up of the of the 2025 tax reconciliation bill: “The One Big Beautiful Bill.”

While it’s for sure big, opinions on its beauty differ. Though there are some welcome tax cuts, there are also cut backs on spending/

“We applaud the House Ways and Means Committee for their hard work in crafting a tax plan that supports American energy leadership,” said the American Petroleum Institute.”As this important process continues in Congress, we look forward to working with policymakers on a final, pro-growth tax package that enhances the pro-investment policies, accelerates innovation and advances global competitiveness.”

The National Ocean Industry Association (NOIA) was more cautious in its reaction to the “One Big Beautiful Bill”.

NOIA president Erik Milito issued the following statement:

“NOIA continues to support efforts by Congress and the Administration to promote U.S. energy dominance. However, we caution against the premature repeal or phase-out of current tax credits, as such changes risk disrupting vital investments in American manufacturing, infrastructure, ports, shipbuilding, and offshore energy projects nationwide.

“Through a long-term lens—spanning a decade or more—American companies have made substantial investments in offshore energy based on the stability of the current tax framework. Sudden changes to the tax code could inject significant uncertainty, jeopardizing capital allocation, project planning, and job creation across the energy sector and the broader economy.

“As budget reconciliation discussions move forward, we urge a collaborative approach that maintains certainty for businesses that have made meaningful U.S. investments under the existing credit structure. These tax credits provide a meaningful boost to the U.S. in the global competition to meet surging AI-driven energy demand, secure critical mineral supply chains, and revitalize domestic shipbuilding—all while supporting affordability and reliability for American consumers.”

The Oceantic Network said that the proposed mark up rolls back key provisions of the Investment Reduction Act (IRA) designed to bolster domestic manufacturing, develop a competitive, local supply chain, and establish interregional transmission planning for offshore wind energy.

“Dismantling clean energy and manufacturing tax credits only worsens our national energy crisis and will directly harm Americans by increasing energy bills, stifling investment, slowing energy development, and killing good-paying jobs across the United States,” said Stephanie Francoeur, senior vice president of marketing and communications. “Offshore wind is making America more secure by delivering reliable and affordable power and revitalizing industries critical to national defense like steel production and shipbuilding. Instead of advancing the administration’s priorities, the proposed reconciliation package stalls project development underwritten by a 40-state supply chain while explicitly targeting critical manufacturing tax credits, threatening billions of dollars of investments in the Midwest, Mid-Atlantic, and American South.

“As demand for energy surges, offshore wind is a “shovel-ready” industry that can bring up to 10 GW of energy onto the grid before the next decade. If adopted, these provisions threaten to delay projects and deny ratepayers affordable and reliable electricity, compounding the economic pain Americans are already feeling from the rising cost of essentials.”

Download a section-by-section summary of the proposed mark up HERE