GEO Act of 2019

I 116TH CONGRESS 1ST SESSION H. R. 5154 To amend the Internal Revenue Code of 1986 to include geothermal energy in the 30 percent energy credit. IN THE HOUSE OF REPRESENTATIVES NOVEMBER 19, 2019 Mr. HORSFORD (for himself, Mr. HIGGINS of New York, Ms. SA´NCHEZ, Mr. SUOZZI, Mr. BEYER, Mr. PANETTA, Ms. DELBENE, Mr. BLUMENAUER, and Ms. MOORE) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to include geothermal energy in the 30 percent energy credit. 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 ‘‘Geothermal Energy 4 Opportunity Act of 2019’’ or the ‘‘GEO Act of 2019’’. 5 SEC. 2. INCLUSION OF GEOTHERMAL IN 30 PERCENT EN- 6 ERGY CREDIT. 7 (a) IN GENERAL.—Section 48(a)(2)(A)(i)(II) of the 8 Internal Revenue Code of 1986 are each amended by 9 VerDate Sep 11 2014 03:29 Nov 27, 2019 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H5154.IH H5154 kjohnson on DSK79L0C42 with BILLS 2 •HR 5154 IH striking ‘‘paragraph (3)(A)(i)’’ and inserting ‘‘clause (i) 1 or (iii) of paragraph (3)(A)’’. 2 (b) PHASEOUT.—Section 48(a) of such Code is 3 amended by adding at the end the following new para- 4 graph: 5 ‘‘(8) PHASEOUT FOR GEOTHERMAL.— 6 ‘‘(A) IN GENERAL.—Subject to subpara- 7 graph (B), in the case of any energy property 8 described in paragraph (3)(A)(iii) the construc- 9 tion of which begins before January 1, 2027, 10 the energy percentage determined under para- 11 graph (2) shall be equal to— 12 ‘‘(i) in the case of any property the 13 construction of which begins after Decem- 14 ber 31, 2024, and before January 1, 2026, 15 26 percent, and 16 ‘‘(ii) in the case of any property the 17 construction of which begins after Decem- 18 ber 31, 2025, and before January 1, 2027, 19 22 percent. 20 ‘‘(B) PLACED IN SERVICE DEADLINE.—In 21 the case of any energy property described in 22 paragraph (3)(A)(iii) the construction of which 23 begins before January 1, 2027, and which is 24 not placed in service before January 1, 2029, 25 VerDate Sep 11 2014 03:29 Nov 27, 2019 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H5154.IH H5154 kjohnson on DSK79L0C42 with BILLS 3 •HR 5154 IH the energy percentage determined under para- 1 graph (2) shall be equal to 10 percent.’’. 2 (c) EFFECTIVE DATE.—The amendments made by 3 this section shall apply to periods after December 31, 4 2019, under rules similar to the rules of section 48(m) 5 as in effect on the day before the date of the enactment 6 of the Revenue Reconciliation Act of 1990. 7 Æ VerDate Sep 11 2014 03:29 Nov 27, 2019 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H5154.IH H5154 kjohnson on DSK79L0C42 with BILLS