Geothermal Energy Initiative Act of 2004

Geothermal Energy Initiative Act of 2004 - Amends the Internal Revenue Code to include geothermal energy and certain geothermal energy facilities as qualified energy resources and appurtenant facilities eligible for the renewable electricity production credit.

Directs the Secretary of Energy to: (1) review and publish annually the available assessments of geothermal energy resources available within the United States; and (2) undertake new assessments as necessary, taking into account changes in market conditions, available technologies, and other relevant factors.

Requires such report to contain a detailed inventory describing the available amount and characteristics of geothermal energy resources.

Directs the Secretary of the Interior and the Secretary of Agriculture to expedite development of geothermal energy in making revisions to certain land use plans for public lands and National Forest System lands, respectively.

Directs the Secretary of the Interior to report to Congress on recommendations for geothermal energy development on Federal land, including a list, developed in consultation with the Secretaries of Energy and of Defense, of lands under their jurisdictions, that would be suitable for development for geothermal energy, and recommended statutory and regulatory mechanisms for such development.

Instructs the Secretary of the Interior and the Secretary of Agriculture to enter into and submit to Congress a memorandum of understanding regarding leasing and permitting for geothermal development of public lands under their respective jurisdictions.

Amends the Geothermal Steam Act of 1970 to authorize the Secretary of the Interior to reimburse certain persons through royalty credits, for reasonable amounts paid for preparation of project-level analysis, documentation, or related study required under the National Environmental Policy Act of 1969 with respect to the lease.