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WE DID IT - Geothermal Tax Credits Restored(2018 02 09) – Congress restored the federal geothermal tax credits this morning. Thanks to all our members who worked recruiting sponsors to the bill ! Thanks to the national GeoExchange Organization (GEO) who worked tirelessly to make this happen ! See GEO's summary here. Thanks to Rep. Tom Reed who sponsored the bill in the House and Senator Chuck Schumer who drove the process in the Senate. Please give a call to Reed's office 607-654-7566 and to Schumer's office 202-224-6542 to thank them today. Please consider a membership in GEO. Please renew your NY-GEO membership if you haven't already. Please register for NY-GEO 2018 in Albany on April 18th and 19th if you haven't already. This is incredibly good news for our industry - together we are forging a bright future and there is much more to come IF we continue to stick together. This bill extends the residential and commercial tax credits until January 1, 2022. The residential income tax credit is retroactive back to January 1, 2017 at 30% and continues at that level until 2020 when it drops to 26% and then at 22% for 2021. It ends December 31, 2021. Other NY State House members who came on as bill sponsors for the geothermal tax credits : Rep. Faso, John J. [R-NY-19]
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Who we are...NY-GEO is a nonprofit trade association dedicated to geothermal heating and cooling. Our 70 founding members include geo designers, installers, manufacturers, drillers consultants and distributors, interested in promoting the use of ground-source heat pumps to heat and cool buildings in New York State. Why Geothermal ?There is no doubt that geothermal heat pumps (GHPs)* represent a heating and cooling technology that is essential for us to meet the challenges of the 21st Century. The following benefits clearly make the initial capital costs an investment in the future of our local and global communities:
We have made significant progress in the past few months to create a state-wide organization focused on raising the visibility and understanding of the geothermal heat pump technology (ghp). As stakeholders, we're sure you will agree that the process of gaining an understanding of all the features and benefits associated with ghp results in a genuine excitement about the technology. We appreciate your support and encourage you to return often to our web site as we will be going through many changes as the organization gains momentum in the marketplace. Please feel free to contact us for any reason regarding geothermal heat pumps. * Also known as "ground source heat pumps", "geo-exchange systems" or "low temperature geothermal" |
See Yourself? Pics from NY-GEO 2018
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