New York GEO Tax Credit Passes for Second Time
Credit provides 25 percent up to $5,000 for GHP installations
ALBANY, N.Y. — The New York Assembly and Senate both recently passed a bipartisan 25 percent up to $5,000 tax credit bill for geothermal heat pumps (GHPs). The bill — S6249/A9925 — was reintroduced this spring by assembly member Sean Ryan, D-Buffalo, and Sen. Robert G. Ortt, R-North Tonawanda. The Assembly passed the legislation June 14, and the Senate on June 15.
“NY-GEO is grateful to legislative sponsors Sean Ryan and Robert Ortt along with their colleagues and the legislature leadership for passing the geothermal tax credit bill this session,” said Bill Nowak, executive director of the New York Geothermal Energy Organization (NY-GEO). “We are working with Gov. Cuomo’s energy team to come up with a plan to stimulate the GHP market in the state of New York, and we are happy to have legislative approval of a state tax credit available to be part of that plan.”
In other New York news, geothermal heat energy is part of Assembly Bill 10342 — the New York State Climate & Community Protection Act, which would cut greenhouse gases by 100 percent by 2050 with an interim goal of 50 percent by 2030. The legislation promotes renewable energy, including GHPs.
In the measure, “geothermal ground-source heat” is included under the definition of “renewable energy systems.” NY-GEO worked with several partners in a broad coalition to ensure that the bill recognized the heating sector as part of the climate change solution. The bill was adopted by the Assembly on June 6, but there is no Senate version to date. “This is an important emerging grassroots coalition/movement in New York State,” said Nowak.
Publication date: 7/11/2016