Bill > S04882

This bill amends the New York tax law to increase and expand tax credits for geothermal energy systems. Currently, taxpayers can receive a tax credit equal to 25% of qualified geothermal energy system expenditures, with a maximum credit of $5,000. The bill increases this maximum credit to $10,000 for geothermal energy systems placed in service on or after July 1, 2025. Additionally, the bill introduces a new provision for low-to-moderate income individuals or those residing in disadvantaged communities: starting in 2026, if the tax credit exceeds their tax liability, the excess amount can be refunded. Previously, any excess credit could only be carried forward to offset taxes in the next five years. The bill aims to incentivize the adoption of geothermal energy systems by making the tax credits more generous and accessible, particularly for lower-income households and communities traditionally underserved by clean energy initiatives.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S4882