The Geothermal Tax Parity Act aims to align the tax treatment of geothermal energy development with that of oil and gas. It achieves this by amending the Internal Revenue Code of 1986 to allow for the amortization of geological and geophysical expenditures incurred in connection with the exploration for or development of geothermal deposits. This provision ensures that costs associated with identifying and assessing geothermal resources can be spread out over time for tax purposes. Furthermore, the bill extends the existing exception to passive loss limitations for working interests to include geothermal properties. This means that investors in geothermal projects can deduct losses from these activities against other income, similar to how working interests in oil and gas properties are treated. These changes apply to taxable years beginning after the date of the Act's enactment, promoting investment in geothermal energy.