GET Parity Act

I 117TH CONGRESS 1ST SESSION H. R. 3920 To amend the Internal Revenue Code of 1986 to provide tax credit parity for geothermal heat pump property. IN THE HOUSE OF REPRESENTATIVES JUNE 15, 2021 Mr. SUOZZI (for himself, Mr. COLE, Mr. RODNEY DAVIS of Illinois, and Mr. TONKO) introduced the following bill; which was referred to the Com- mittee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to provide tax credit parity for geothermal heat pump property. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Groundsource Ex- 4 change Tax Parity Act’’ or the ‘‘GET Parity Act’’. 5 SEC. 2. INVESTMENT TAX CREDIT PARITY FOR GEO- 6 THERMAL HEAT PUMP PROPERTY. 7 (a) IN GENERAL.—Section 48(a) of the Internal Rev- 8 enue Code of 1986 is amended— 9 VerDate Sep 11 2014 00:54 Jul 02, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3920.IH H3920 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 3920 IH (1) in paragraph (2)(A), by striking ‘‘para- 1 graphs (6) and (7)’’ and inserting ‘‘paragraphs (6), 2 (7), and (8)’’, 3 (2) in paragraph (2)(A)(i), by striking ‘‘and’’ at 4 the end of subclause (IV) and by adding at the end 5 the following new subclause: 6 ‘‘(VI) energy property described in 7 clause (vii) of paragraph (3)(A), and’’, 8 (3) in paragraph (3)(A)(vii), by striking ‘‘, but 9 only with respect to property the construction of 10 which begins before January 1, 2024’’, and 11 (4) by adding at the end the following new 12 paragraph: 13 ‘‘(8) PHASEDOWN FOR GEOTHERMAL HEAT 14 PUMP PROPERTY.—In the case of any energy prop- 15 erty described in clause (vii) of paragraph (3)(A), 16 the energy percentage determined under paragraph 17 (2) shall be equal to— 18 ‘‘(A) in the case of any property the con- 19 struction of which begins after December 31, 20 2020, and before January 1, 2023, 26 percent, 21 ‘‘(B) in the case of any property the con- 22 struction of which begins after December 31, 23 2022, and before January 1, 2024, 22 percent, 24 and 25 VerDate Sep 11 2014 00:54 Jul 02, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3920.IH H3920 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 3920 IH ‘‘(C) in the case of any property the con- 1 struction of which begins after December 31, 2 2023, 10 percent.’’. 3 (b) EFFECTIVE DATE.—The amendments made by 4 this section shall apply to property the construction of 5 which begins after December 31, 2020. 6 Æ VerDate Sep 11 2014 00:54 Jul 02, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H3920.IH H3920 kjohnson on DSK79L0C42PROD with BILLS