New York S04882 increases tax credits for geothermal energy systems.
New York S04882 amends the tax law to increase the tax credits for geothermal energy systems. The bill raises the credit limit 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 is equal to 25% of qualified geothermal energy system expenditures. Excess credits can be carried over to the next five taxable years or refunded if certain conditions are met. The changes take effect immediately.
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