Title: GEO Act of 2019
Policy area: Taxation

Summary:
Geothermal Energy Opportunity Act of 2019 or the GEO Act of 2019
This bill provides for a 30% energy tax credit for geothermal resources, subject to a phased reduction in the credit in 2025 and 2026.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5154 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 5154

To amend the Internal Revenue Code of 1986 to include geothermal energy 
                    in the 30 percent energy credit.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 19, 2019

 Mr. Horsford (for himself, Mr. Higgins of New York, Ms. Sanchez, Mr. 
 Suozzi, Mr. Beyer, Mr. Panetta, Ms. DelBene, Mr. Blumenauer, and Ms. 
    Moore) introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to include geothermal energy 
                    in the 30 percent energy credit.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Geothermal Energy Opportunity Act of 
2019'' or the ``GEO Act of 2019''.

SEC. 2. INCLUSION OF GEOTHERMAL IN 30 PERCENT ENERGY CREDIT.

    (a) In General.--Section 48(a)(2)(A)(i)(II) of the Internal Revenue 
Code of 1986 are each amended by striking ``paragraph (3)(A)(i)'' and 
inserting ``clause (i) or (iii) of paragraph (3)(A)''.
    (b) Phaseout.--Section 48(a) of such Code is amended by adding at 
the end the following new paragraph:
            ``(8) Phaseout for geothermal.--
                    ``(A) In general.--Subject to subparagraph (B), in 
                the case of any energy property described in paragraph 
                (3)(A)(iii) the construction of which begins before 
                January 1, 2027, the energy percentage determined under 
                paragraph (2) shall be equal to--
                            ``(i) in the case of any property the 
                        construction of which begins after December 31, 
                        2024, and before January 1, 2026, 26 percent, 
                        and
                            ``(ii) in the case of any property the 
                        construction of which begins after December 31, 
                        2025, and before January 1, 2027, 22 percent.
                    ``(B) Placed in service deadline.--In the case of 
                any energy property described in paragraph (3)(A)(iii) 
                the construction of which begins before January 1, 
                2027, and which is not placed in service before January 
                1, 2029, the energy percentage determined under 
                paragraph (2) shall be equal to 10 percent.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to periods after December 31, 2019, under rules similar to the 
rules of section 48(m) as in effect on the day before the date of the 
enactment of the Revenue Reconciliation Act of 1990.
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