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.
Who this affects
Businesses · Investors · Geothermal energy projects
What changes is this bill making?
1This bill allows businesses to spread out costs for exploring geothermal energy over several years.
2It includes geological and geophysical expenses related to geothermal deposits.
3The changes apply to costs incurred after the bill is enacted.
4It also removes certain limits on losses for geothermal property investments.
5The bill updates tax rules to include geothermal alongside oil and gas.
