Hey, I heard the budget bill includes extension of the residential geothermal tax credit till 2022, and retroactive to Jan 1, 2017, when they expired. Pretty surprising, after all the failures to get it done, and great for us, since we completed conversion of our A/C to Geo just a few weeks ago. The Geo guys were really glad to have the work at the time, and now we get the credit anyway. I'm not normally a big fan of tax breaks, but the Geo credit is more defensible than most of them I think.
You have to pay more then the credit in taxes to benefit. But theres no uppper end income restriction.
Thank you for the reply. Would a new constant pressure pump system being installed at the same time as the geo unit also receive the 30% credit? I see they eliminated duct work, but no mention of pumping system.
It took me 3 years to completely use up the credit since I didn't have a large tax debt each year. I would include that pump system cost with the geo.
the credit from the IRS will include all geo equipment. The RI tax exemption was taken away a few years back because they lost $ 100,00o in credits to ri residents. You will need all the credits you can get from taxes.
