A bill to amend the Internal Revenue Code of 1986 to make geothermal heat pump systems eligible for the energy credit and the residential energy efficient property credit, and for other purposes.
Geothermal Heat Pump Development Act of 2007 - Amends the Internal Revenue Code to: (1) to include equipment that uses the ground or ground water as a thermal energy source or sink to heal or cool a structure (i.e., geothermal heat pump systems) as energy property for purposes of the energy tax credit; (2) allow a residential energy efficient property tax credit for 30% of qualified geothermal heat pump property expenditures; and (3) allow accelerated three-year depreciation of geothermal heat pump systems.
Referred to the House Committee on Ways and Means.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S13998-13999)
Read twice and referred to the Committee on Finance.
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