Geothermal energy system credit (Article 22)

The credit limitation is increased from $5,000 to $10,000 for qualified systems placed in service on or after July 1, 2025.

For tax years beginning on or after January 1, 2026, taxpayers who meet certain income requirements may elect to receive any unused credit amount as a refund.

For more information, visit Geothermal Energy System Credit .

[Part UU of Chapter 59 of the Laws of 2025; Tax Law § 606(g-4)]