Bill > A01591

This bill increases tax credits for geothermal energy systems in New York by expanding both the credit amount and its potential refundability. Specifically, the bill raises the maximum tax credit from $5,000 to $10,000 for qualified geothermal energy systems placed in service on or after July 1, 2025. The bill also introduces a new provision that allows low-to-moderate income taxpayers and those residing in disadvantaged communities to receive a refund if their tax credit exceeds their tax liability, starting from January 1, 2026. Geothermal energy systems are renewable energy installations that use the earth's constant underground temperature to heat or cool buildings, and this bill aims to make such systems more financially accessible by providing enhanced tax incentives. The credit continues to be calculated as 25% of qualified geothermal energy system expenditures, and any unused credit can still be carried forward to offset taxes in the five subsequent years.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A1591