WE DID IT - Federal Geothermal Tax Credits Restored January 14 2019, 0 Comments

(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, which has worked tirelessly to accomplish this.

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.

The 10% commercial investment tax credit is extended until January 1, 2022 and the "placed in service language" has been replaced with “property the construction of which begins before Jan. 1, 2022.

Other NY State House members who came on as bill sponsors for the geothermal tax credits :

Rep. Faso, John J. [R-NY-19]
Rep. Tonko, Paul [D-NY-20]
Rep. Stefanik, Elise M. [R-NY-21]
Rep. Slaughter, Louise McIntosh [D-NY-25]
Rep. Higgins, Brian [D-NY-26]
Rep. Donovan, Daniel M., Jr. [R-NY-11]
Rep. King, Peter T. [R-NY-2]
Rep. Suozzi, Thomas R. [D-NY-3]
Rep. Zeldin, Lee M. [R-NY-1]
Rep. Crowley, Joseph [D-NY-14]
Rep. Velazquez, Nydia M. [D-NY-7]