Geothermal heat pump property expenditure; establishes a tax credit for taxable years 2017-2021. (HB1891)

Introduced By

Del. Tim Hugo (R-Centreville) with support from co-patron Del. Rip Sullivan (D-Arlington)

Description

Geothermal heat pump property expenditure credit. Establishes a tax credit, for taxable years 2017 through 2021, for geothermal heat pump property expenditures at a residence in Virginia. The bill defines "geothermal heat pump property expenditure" as any expenditure for equipment that uses the ground or groundwater as a thermal energy source to heat a residence or as a thermal energy sink to cool a residence. The credit would equal 25 percent of purchase or installation expenditures. An eligible individual taxpayer could claim a maximum of 50 percent of his tax liability or $2,500, whichever is less, and carry over unused credit for up to 10 years. In addition, a taxpayer could claim only 25 percent of the total cost of geothermal heat pump property at a single residence, up to a maximum of $10,000. The bill authorizes the Department of Taxation to issue up to $10 million in credits each fiscal year. Read the Bill »

Outcome

History