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Subcommittee hears bill to create 25% state tax credit for residential geothermal systems
Summary
House Bill 248 would create a 25% state income tax credit (up to $5,000 per year, claimed over five years) for residential geothermal heat-pump systems; proponents said the systems lower energy costs and peak electricity demand. The measure received a first hearing; no cap on program aggregate was set.
House Bill 248, carried by Chairman Jaspers, received a first hearing in the Income Tax Subcommittee. The bill would create a state income tax credit equal to 25% of installation expenses for residential geothermal heat-pump systems, claimable over five years and capped at $5,000 per taxable year per household. The credit would sunset after five years under the bill’s language.
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