Geothermal Energy Development Corporation Act

Geothermal Energy Development Corporation Act - Declares it to be the finding of Congress that the Nation is currently suffering a critical shortage of environmentally acceptable forms of energy and that the development of geothermal resources, fostered by Federal financial assistance, offers possibilities of process energy and other nonelectric applications.

Authorizes the Director of the National Science Foundation to fund research related to energy in support of the objectives of this Act.

Establishes the Geothermal Energy Development Corporation. Creates a Board of Directors for such Corporation, setting forth the composition and compensation of the Board.

Empowers the Administrator of General Services to enter into contracts with private entities agreeing to join in organizing industrial participation in the purposes and functions of the Corporation.

Directs the Corporation to select sites for two or more demonstration installations to develop technologies for the generation of steam and electric power from geothermal resources.

Requires the Corporation to make available the use of any patent obtained by theCorporation with respect to any invention made in connection with activities conducted under this Act.

Requires the Corporation to transmit reports to the President and Congress annually.

Provides that on or before the expiration of fifteen years following the date of enactment of this Act, the Board shall take action to dissolve the Corporation.

Authorizes appropriations of $8,000,000 for fiscal year 1974, and for each of the next fourteen fiscal years such sums as may be necessary.