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.