Groundsource Exchange Tax Parity Act or the GET Parity Act
This bill makes adjustments to the investment tax credit for geothermal heat pump property, specifically a phasedown of the credit rate through 2023.
To amend the Internal Revenue Code of 1986 to provide tax credit parity 
                   for geothermal heat pump property.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Groundsource Exchange Tax Parity 
Act'' or the ``GET Parity Act''.

SEC. 2. INVESTMENT TAX CREDIT PARITY FOR GEOTHERMAL HEAT PUMP PROPERTY.

    (a) In General.--Section 48(a) of the Internal Revenue Code of 1986 
is amended--
            (1) in paragraph (2)(A), by striking ``paragraphs (6) and 
        (7)'' and inserting ``paragraphs (6), (7), and (8)'',
            (2) in paragraph (2)(A)(i), by striking ``and'' at the end 
        of subclause (IV) and by adding at the end the following new 
        subclause:
                            ``(VI) energy property described in clause 
                        (vii) of paragraph (3)(A), and'',
            (3) in paragraph (3)(A)(vii), by striking ``, but only with 
        respect to property the construction of which begins before 
        January 1, 2024'', and
            (4) by adding at the end the following new paragraph:
            ``(8) Phasedown for geothermal heat pump property.--In the 
        case of any energy property described in clause (vii) of 
        paragraph (3)(A), the energy percentage determined under 
        paragraph (2) shall be equal to--
                    ``(A) in the case of any property the construction 
                of which begins after December 31, 2020, and before 
                January 1, 2023, 26 percent,
                    ``(B) in the case of any property the construction 
                of which begins after December 31, 2022, and before 
                January 1, 2024, 22 percent, and
                    ``(C) in the case of any property the construction 
                of which begins after December 31, 2023, 10 percent.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to property the construction of which begins after December 31, 
2020.
                                 <all>
GET Parity Act
To amend the Internal Revenue Code of 1986 to provide tax credit parity for geothermal heat pump property.
GET Parity Act
Groundsource Exchange Tax Parity Act
Rep. Suozzi, Thomas R.