Virginia GEO tax credits extended

Discussion in 'Geothermal Heat Pump Testimonials' started by frankz, Feb 9, 2018.

  1. frankz

    frankz New Member

    Hey, I heard the budget bill includes extension of the residential geothermal tax credit till 2022, and retroactive to Jan 1, 2017, when they expired. Pretty surprising, after all the failures to get it done, and great for us, since we completed conversion of our A/C to Geo just a few weeks ago. The Geo guys were really glad to have the work at the time, and now we get the credit anyway. I'm not normally a big fan of tax breaks, but the Geo credit is more defensible than most of them I think.
    Penny_Geo likes this.
  2. frankz

    frankz New Member

    Seems IRS finally got around to adding the geothermal line item back on the 5695 form!
  3. Todd

    Todd New Member

    Is there an income limitation for the tax credit?
  4. moey

    moey Member

    You have to pay more then the credit in taxes to benefit. But theres no uppper end income restriction.
  5. Todd

    Todd New Member

    Thank you for the reply. Would a new constant pressure pump system being installed at the same time as the geo unit also receive the 30% credit? I see they eliminated duct work, but no mention of pumping system.
  6. ChrisJ

    ChrisJ Active Member Forum Leader

    It took me 3 years to completely use up the credit since I didn't have a large tax debt each year.

    I would include that pump system cost with the geo.
  7. seawater

    seawater New Member

    the credit from the IRS will include all geo equipment. The RI tax exemption was taken away a few years back because they lost $ 100,00o in credits to ri residents. You will need all the credits you can get from taxes.

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