As with any law, there is the possibility that the new
changes to the residential energy credit may be changed by Congress. However, generally speaking, tax laws for
individuals aren’t cut short of their legislated expiration dates.
That said, the credit for geothermal heat pump properties
has been extended through tax years ending on December 31, 2021. The tax code is silent as to how many years
an unused portion of the credit may be carried over, so you should be able to
carry forward any unclaimed portion into future years until it's exhausted. There’s no annual maximum, per se; the credit
is limited to what is needed to offset your taxes.
Only you know your financial situation, so you might try “dummying
in” the updated Form 5695,
Residential Energy Credits to get an idea of how much of your tax might be
offset, and if you’ll potentially have a carryover. The instructions are at 2017 Instructions for Form
5695.
