NY-GEO Pushes for Geo Tax Credit
The New York Geothermal Energy Organization (NY-GEO) has successfully worked with State Assemblymember Sean Ryan (D – District 149) to introduce Assembly Bill 2177-A, “An act to amend state tax law, establishing a credit for geothermal energy systems.” Sen. Robert Ortt (R-62nd Senate District) introduced identical companion legislation, Senate Bill 2905, on Jan. 30.
Starting Jan. 1, 2015, the legislation would allow a credit to individual taxpayers equal to 25% of “qualified geothermal energy system expenditures.” The tax credit would not only apply to the purchase of ground-source heat pump equipment, but equipment that is leased for a period of at least 10 years from a person other than the taxpayer. Qualified expenditures for installed geothermal systems include materials, labor costs, assembly, architecture and engineering services, and designs and plans directly related to the installation of the geothermal energy system equipment.
“Among other things, including a potential sales tax exemption bill for geothermal heat pump installations, the tax credit bills are NY-GEO’s most important legislative issue so far in 2015,” said NY-GEO Executive Director Bill Nowak. Assemblyman Ryan and Sen. Ortt are featured invited speakers at NY-GEO’s “Geopalooza” event on March 17-18.