After a long and often times disappointing journey, ACCA is pleased to share the budget deal headed to President Trump’s desk for his signature includes the restored tax credit for Geothermal. Once again, ACCA has transformed a priority of our members into another achievement.
Much like with the immediate expensing of equipment we obtained in the tax reform package, we are proving that through hard work and shoe leather on Capitol Hill ACCA will produce victories for America’s HVACR Contractors that will positively impact their bottom-line and their customers.
Specifically, the Bipartisan Budget Act would:
- Retroactively extended until December 31, 2021 Section 25 or the 30% tax credit for the Residential Geothermal Tax Credit
- Retroactively extend for “property the construction of which begins before January 1, 2022” for Section 48 or the 10% tax credit for Commercial Geothermal applications.
These tax credits expired at the end of 2016, and ACCA and our friends at the National Rural Electric Cooperative Association and American Gas Association have been hard at work to see these credits restored.