Geothermal Tax Parity Act

This bill changes the federal tax code so that geothermal energy projects get two tax treatments that currently apply to oil and gas. First, businesses could spread out (amortize) the costs of geological and geophysical studies used to explore for or develop geothermal deposits, as they can for oil and gas. Second, working interests in geothermal properties would be exempt from passive loss limits, so owners could use losses from these properties against other income, as with oil and gas working interests. Both changes would apply to taxable years beginning after the bill becomes law.

Full text and official record on Congress.gov

Sponsors

• Celeste Maloy Republican sponsor
• 5 cosponsors