Bill > A00637

This bill creates a tax abatement of up to $62,500 for the installation of geothermal well systems in buildings. The tax abatement, which applies to expenditures made between January 1, 2025 and December 31, 2026, provides a credit equal to the lesser of 10% of eligible geothermal well expenditures, the amount of taxes payable, or $62,500. The tax abatement is conditioned on the property owner's continued compliance with applicable laws and regulations during the 4-year compliance period. The bill outlines the application process and grounds for revoking the tax abatement, including failure to maintain the geothermal well system or timely pay real estate taxes.