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This information was received via email from the NGWA on 2-19-09:

Following our successful efforts on October 3, 2008 to get geothermal heat pump equipment eligible for federal tax credits, the stimulus bill (the American Recovery and Reinvestment Act) signed by President Obama on February 17, 2009 includes additional beneficial changes.

Residential Geothermal Heat Pumps:

For tax years beginning after December 31, 2008, the costs for installing qualified geothermal heat pump property at a residence are eligible for a 30% federal tax credit with no cap. Under the 2008 law, a $2,000 cap had been imposed. Qualified geothermal heat pump property costs are costs for qualified geothermal heat pump property installed on or in connection with a home located in the United States. Qualified geothermal heat pump property is any equipment that uses the ground or ground water as a thermal energy source to heat a home or as a thermal energy sink to cool a home. To qualify for the credit, the geothermal heat pump property must meet the requirements of the Energy Star program that are in effect at the time of purchase. The home does not have to be the individual’s main home.

Business/Commercial Geothermal Heat Pumps:

Section 1603 of the stimulus bill establishes a “Grants for Specified Energy Property in Lieu of Tax Credits” for the 10% tax credit for geothermal heat pumps systems (and other eligible technologies) placed under construction in commercial buildings in 2009 and 2010, with other limitations applicable. The grant is intended to assist businesses who may not have sufficient tax liability to benefit from the business tax credits that passed originally on October 3, 2008.

Note: The above is provided for information only. Individuals should check the specific provisions of the new law, including limitations, and consult with legal or tax counsel relative to the tax provisions and their applicability.

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