GEO Act of 2019

Bill: 116-hr-5154
Sponsor: full_name: Rep. Horsford, Steven [D-NV-4]
Introduced: 2019-11-19
Policy area: Taxation
Subjects: Alternative and renewable resources

Business investment and capital

Electric power generation and transmission

Income tax credits
Latest action: action_date: 2019-11-19
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2019-11-19
action_desc: Introduced in House
text: <p><strong>Geothermal Energy Opportunity Act of 2019 or the GEO Act of 2019</strong></p> <p>This bill provides for a 30% energy tax credit for geothermal resources, subject to a phased reduction in the credit in 2025 and 2026. </p>

tv_txt: I 116th CONGRESS 1st Session H. R. 5154 IN THE HOUSE OF REPRESENTATIVES November 19, 2019 Mr. Horsford (for himself, Mr. Higgins of New York , Ms. Sánchez , 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.

1. Short title This Act may be cited as the Geothermal Energy Opportunity Act of 2019 or the GEO Act of 2019 . 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.