Congress OKs Sweeping 11th Hour Legislation

GEO Wins Tax Extenders and Gains a Clear Path Forward for Extension of Tax Credits

  • 2016-02-03
Congress OKs Sweeping 11th Hour Legislation

Dec. 18 – The U.S. House of Representatives and U.S. Senate passed a $1.1 trillion Omnibus bill to fund the government and a companion bill to provide $650 billion in tax relief over 10 years.

According to Geothermal Exchange Organization President Doug Dougherty, “We scored a big win with the tax bill, which includes four ‘tax extenders’ which are particularly beneficial to the geothermal heat pump (GHP) industry.” They are:

  • Expensing under Section 179, modified and made perm-anent making small business eligible for a 100% deduction for investments up to $500,000 in geothermal system equipment during the first year after installation,

  • Bonus Depreciation, modified and extended for 5 years,

  • Tax credit for energy efficient new homes, extended to Dec. 31, 2016, and

  • Deduction for energy efficient commercial buildings, extended to Dec. 31, 2016.


    • “Having worked hard for these extenders over the past couple of years, GEO is very happy about their passage,” said Dougherty. “But we were extremely disappointed that despite our best efforts, GHPs were passed over for extensions of installation tax credits that were given to wind and solar technologies in the Omnibus bill.”

    Source:
    https://www.geoexchange.org/congress-oks-sweeping-11th-hour-legislation/

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