Why This Matters
The Geothermal Tax Parity Act changes tax rules to help businesses invest in geothermal energy by allowing them to deduct exploration costs over time. This encourages more investment in renewable energy sources.
If you invest in geothermal energy, you can recover your costs more easily through tax deductions.
Affects: Businesses and investors involved in geothermal energy projects.
What changes is this bill making?
1. This bill allows businesses to spread out costs for exploring geothermal energy over several years. 2. It includes geological and geophysical expenses related to geothermal deposits. 3. The changes apply to costs incurred after the bill is enacted. 4. It also removes certain limits on losses for geothermal property investments. 5. The bill updates tax rules to include geothermal alongside oil and gas.
Who is affected?
Businesses and investors involved in geothermal energy projects.