Section 1 Short title
This Act may be cited as the “Groundsource Exchange Tax Parity Act” or the “GET Parity Act”.
Groundsource Exchange Tax Parity Act
A BILL
To amend the Internal Revenue Code of 1986 to provide tax credit parity for geothermal heat pump property.
Sec. 2 Investment tax credit parity for geothermal heat pump property
in paragraph (2)(A), by striking “paragraphs (6) and (7)” and inserting “paragraphs (6), (7), and (8)”,
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”
in paragraph (3)(A)(vii), by striking “, but only with respect to property the construction of which begins before January 1, 2024”, and
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.”
Effective date— The amendments made by this section shall apply to property the construction of which begins after December 31, 2020.