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H.R. 3920: GET Parity Act


The text of the bill below is as of Jun 15, 2021 (Introduced).


I

117th CONGRESS

1st Session

H. R. 3920

IN THE HOUSE OF REPRESENTATIVES

June 15, 2021

(for himself, Mr. Cole, Mr. Rodney Davis of Illinois, and Mr. Tonko) 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 provide tax credit parity for geothermal heat pump property.

1.

Short title

This Act may be cited as the Groundsource Exchange Tax Parity Act or the GET Parity Act.

2.

Investment tax credit parity for geothermal heat pump property

(a)

In general

Section 48(a) of the Internal Revenue Code of 1986 is amended—

(1)

in paragraph (2)(A), by striking paragraphs (6) and (7) and inserting paragraphs (6), (7), and (8),

(2)

in paragraph (2)(A)(i), by striking and at the end of subclause (IV) and by adding at the end the following new subclause:

(VI)

energy property described in clause (vii) of paragraph (3)(A), and

,

(3)

in paragraph (3)(A)(vii), by striking , but only with respect to property the construction of which begins before January 1, 2024, and

(4)

by adding at the end the following new paragraph:

(8)

Phasedown for geothermal heat pump property

In the case of any energy property described in clause (vii) of paragraph (3)(A), the energy percentage determined under paragraph (2) shall be equal to—

(A)

in the case of any property the construction of which begins after December 31, 2020, and before January 1, 2023, 26 percent,

(B)

in the case of any property the construction of which begins after December 31, 2022, and before January 1, 2024, 22 percent, and

(C)

in the case of any property the construction of which begins after December 31, 2023, 10 percent.

.

(b)

Effective date

The amendments made by this section shall apply to property the construction of which begins after December 31, 2020.