GEO Applauds Bipartisan Proposal that Benefits Geothermal Heat Pumps
The geothermal heat pump (GHP) industry and several other clean energy technology industries are a step closer to saving thousands of jobs with the reintroduction of tax credit legislation by Reps. Tom Reed (R-NY), Mike Thompson (D-CA) and 18 additional cosponsors (12 Republicans and 6 Democrats).
HR 1090 will reinstitute and extend commercial and residential installation tax credits for GHPs, fuel cells, microturbines, small wind and combined heat and power through 2021. Included are a 10 percent commercial investment tax credit under Sec. 48 of the tax code, and a 30 percent residential income tax credit under Sec. 25D.