Bill > A09803

This bill establishes a tax credit for individuals who purchase and install geothermal energy systems in their primary residence located in New York State. The credit is equal to 25% of the qualified expenditures, up to a maximum of $5,000 for systems placed in service on or after September 1, 2020. Qualified expenditures include the purchase, lease, or power purchase agreement for geothermal energy system equipment, as well as related installation and engineering costs. The credit can be carried over for up to 5 years if it exceeds the taxpayer's liability. The bill applies to taxable years starting on or after January 1, 2021.