GET Parity Act

Bill: 117-hr-3920
Sponsor: full_name: Rep. Suozzi, Thomas R. [D-NY-3]
Introduced: 2021-06-15
Policy area: Taxation
Latest action: action_date: 2021-06-15
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-06-15
action_desc: Introduced in House
text: <p><strong>Groundsource Exchange Tax Parity Act or the GET Parity Act</strong></p> <p>This bill makes adjustments to the investment tax credit for geothermal heat pump property, specifically a phasedown of the credit rate through 2023.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 3920 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.

1. Short title This Act may be cited as the Groundsource Exchange Tax Parity Act or the GET Parity Act . 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.