NY Geothermal Energy System Credit

[fuyukitn]

https://www.tax.ny.gov/pit/credits/geothermal-energy-system-credit.htm https://www.tax.ny.gov/forms/current-forms/it/it267i.htm

Eligibility

You are entitled to claim this credit if:

• you purchased geothermal energy system equipment, or
• entered into a written agreement for the lease of geothermal energy system equipment,

and

• the New York residential property where the system was installed was your residence at the time the system was placed in service, and
• the property was not rented at any time during the taxable year in which the credit is claimed.

Note: The geothermal energy system must use solar thermal energy stored in the ground or bodies of water to produce heat for residential use, commonly known as a ground source heat pump.

Benefits

• The credit is equal to 25% of your qualified geothermal energy system equipment expenditures and is limited to $5,000.
• The geothermal energy system credit is not refundable. However, any credit amount in excess of the tax due can be carried over for up to five years.

Note: You may only claim the geothermal energy system credit for one system in a tax year.

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[jpvelez]

Leases for geothermal, and geothermal installed at condos, are special cases with different benefit logic. Do we want to implement that, @MaxGhenis?