Geothermal Tax Parity: Equal Tax Treatment for Exploration and Clean Energy Investment.
This bill amends the tax code to grant geothermal energy projects the same tax benefits currently enjoyed by oil and gas operations regarding exploration costs and investment losses. The goal is to encourage greater investment in clean, renewable geothermal energy by leveling the financial playing field for developers and investors. While primarily affecting the energy sector, this supports the nation's transition toward sustainable energy sources.
Key points
Geological and geophysical costs incurred during geothermal exploration can now be amortized (deducted over time) for tax purposes, matching the treatment of oil and gas.
Investors with active working interests in geothermal properties can deduct losses against other income, making these renewable energy investments more appealing.
Status:
Introduced
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