HB 1948 Summary

• Allows taxpayers to claim a tax credit equal to 5% of qualified geothermal heating and cooling system installation costs on residential and nonresidential property in Oklahoma for tax years 2010-2014.

• Qualified costs include equipment, construction, and installation expenses, minus seller rebates; systems must meet American Refrigeration Institute (ARI) standards and installer must be a member of the International Ground Source Heat Pump Association (IGSHPA).

• Unused tax credits may be carried forward as a credit against subsequent income tax liabilities for up to 10 years if they exceed the taxpayer's tax liability in the year incurred.

• Suppliers must provide itemized accounting and affidavit of costs to taxpayers, who must include documentation when claiming the credit; qualifying systems must carry minimum five-year limited warranties on manufacturing defects and installation defects.

• Bill becomes effective January 1, 2010.