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2017 SESSION
17101468DBe it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.13 as follows:
§ 58.1-339.13. Geothermal heat pump property expenditure tax credit.
B. For taxable years beginning on or after January 1, 2017, but before January 1, 2022, any person who makes a geothermal heat pump property expenditure shall be allowed a credit against the tax imposed by § 58.1-320 in an amount equal to 25 percent of the expenditure.
C. This
credit shall not be claimed
unless the geothermal heat pump
property (i)
is installed on or in connection with a
residence located in Virginia and used as a residence by
the taxpayer and (ii) meets or
exceeds the federal Energy Star
E. In addition to the limits imposed under subsection C, the total credit claimed by a taxpayer for geothermal heat pump property at a single residence may not exceed 25 percent of the total cost of geothermal heat pump property at such residence. In no case shall the total credit claimed by a taxpayer for geothermal heat pump property at a single residence exceed $10,000.