Title: GET Parity Act
Policy area: Taxation

Summary:
Groundsource Exchange Tax Parity Act or the GET Parity Act
This bill makes adjustments to the investment tax credit for geothermal heat pump property, specifically a phasedown of the credit rate through 2023.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3920 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 3920

To amend the Internal Revenue Code of 1986 to provide tax credit parity 
                   for geothermal heat pump property.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 15, 2021

 Mr. Suozzi (for himself, Mr. Cole, Mr. Rodney Davis of Illinois, and 
  Mr. Tonko) 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 provide tax credit parity 
                   for geothermal heat pump property.

    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 ``Groundsource Exchange Tax Parity 
Act'' or the ``GET Parity Act''.

SEC. 2. INVESTMENT TAX CREDIT PARITY FOR GEOTHERMAL HEAT PUMP PROPERTY.

    (a) In General.--Section 48(a) of the Internal Revenue Code of 1986 
is amended--
            (1) in paragraph (2)(A), by striking ``paragraphs (6) and 
        (7)'' and inserting ``paragraphs (6), (7), and (8)'',
            (2) in paragraph (2)(A)(i), by striking ``and'' at the end 
        of subclause (IV) and by adding at the end the following new 
        subclause:
                            ``(VI) energy property described in clause 
                        (vii) of paragraph (3)(A), and'',
            (3) in paragraph (3)(A)(vii), by striking ``, but only with 
        respect to property the construction of which begins before 
        January 1, 2024'', and
            (4) by adding at the end the following new paragraph:
            ``(8) Phasedown for geothermal heat pump property.--In the 
        case of any energy property described in clause (vii) of 
        paragraph (3)(A), the energy percentage determined under 
        paragraph (2) shall be equal to--
                    ``(A) in the case of any property the construction 
                of which begins after December 31, 2020, and before 
                January 1, 2023, 26 percent,
                    ``(B) in the case of any property the construction 
                of which begins after December 31, 2022, and before 
                January 1, 2024, 22 percent, and
                    ``(C) in the case of any property the construction 
                of which begins after December 31, 2023, 10 percent.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to property the construction of which begins after December 31, 
2020.
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