USA, Idaho: US Geothermal CEO on Legislative Changes

US Geothermal's CEO Dennis Gilles on Q1 2016 Results - Earnings Call Transcript (Seeking Alpha)

U.S. Geothermal's CEO Dennis Gilles 

GRC Member Dennis Gilles: "On the legislative front, I am pleased to note that the U.S. government has extended the start of construction date that geothermal projects can qualify for the 30% investment tax credit. Any geothermal project that has begun construction, begun construction that is by December 31, 2016 now qualifies for that tax credit.

And I want to point out that’s a tax credit, not a deduction. That investment tax credit allows 30% of the project’s cost to be taken as a credit against any tax payments in the year the project goes into operation. And basically to utilize that credit, we would bring a tax partner into our project similar to what we had done on Raft River with Goldman Sachs.

There is a growing interest in the market for baseload renewable electricity to replace the phasing out coal, nuclear and once through cool plants along the California coast. All of which have historically provided firm predictable baseload generation."

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