Section 1. Short title
This Act may be cited as the Geothermal Tax Parity Act.
(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.
(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.