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To amend the Internal Revenue Code of 1986 to allow amortization of geological and geophysical expenditures in connection with the exploration for, or development of, geothermal deposits, and for other purposes.
Summary
This bill amends the Internal Revenue Code to provide tax parity for geothermal energy development with oil and gas development. It allows companies to amortize geological and geophysical expenditures related to geothermal exploration and development in the same manner as they can for oil and gas. The bill also exempts working interests in geothermal properties from passive loss limitations, matching the tax treatment already available for oil and gas properties.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Maloy, Celeste [R-UT-2] (R-UT)
5 cosponsors
Actions (2)
- Dec 18, 2025 Referred to the House Committee on Ways and Means. · house
- Dec 18, 2025 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
December 18, 2025
Ms. Maloy (for herself, Mr. Garamendi, Mr. Moore of Utah, Mr. Fulcher, and Mr. Horsford) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to allow amortization of geological and geophysical expenditures in connection with the exploration for, or development of, geothermal deposits, and for other purposes.
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 “Geothermal Tax Parity Act”.
SEC. 2. AMORTIZATION OF GEOLOGICAL AND GEOPHYSICAL EXPENDITURES IN CONNECTION WITH EXPLORATION FOR OR DEVELOPMENT OF GEOTHERMAL DEPOSITS.
(a) In General.—Section 167(h)(1) of the Internal Revenue Code of 1986 is amended by striking “oil or gas” and inserting “oil, gas, or geothermal deposits”.
(b) Effective Date.—The amendment made by this section shall apply to amounts paid or incurred in taxable years beginning after the date of the enactment of this Act.
SEC. 3. EXCEPTION TO PASSIVE LOSS LIMITATIONS FOR WORKING INTERESTS IN GEOTHERMAL PROPERTIES.
(a) In General.—Section 469(c)(3) of the Internal Revenue Code of 1986 is amended—
(1) in the paragraph heading, by striking “oil and gas” and inserting “oil, gas, and geothermal”, and
(2) by striking “oil or gas” each place it appears and inserting “oil, gas, or geothermal” in each such place.
(b) Effective Date.—The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act. <all>
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