New York A01591 increases tax credits for geothermal energy systems.

New York A01591 amends the tax law to increase the tax credits for geothermal energy systems. The bill allows individual taxpayers a credit equal to 25% of qualified geothermal energy system expenditures, up to $5,000 for systems placed in service before June 30, 2025, and $10,000 for those placed in service on or after July 1, 2025. The credit can be carried over to the next five taxable years if it exceeds the taxpayer's tax liability. The bill takes effect immediately.

New York A01591 increases tax credits for geothermal energy systems.

New York A01591 amends the tax law to increase the tax credits for geothermal energy systems. The bill allows individual taxpayers a credit equal to 25% of qualified geothermal energy system expenditures, up to $5,000 for systems placed in service before June 30, 2025, and $10,000 for those placed in service on or after July 1, 2025. The credit can be carried over to the next five taxable years if it exceeds the taxpayer's tax liability. The bill takes effect immediately.