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Promoting Domestic Energy Production Act
To amend the Internal Revenue Code of 1986 to allow intangible drilling and development costs to be taken into account when computing adjusted financial statement income.
Summary
The bill amends the tax code to allow intangible drilling and development costs to be deducted when calculating adjusted financial statement income for alternative minimum tax purposes. Intangible drilling and development costs are expenses incurred in drilling and preparing oil and gas wells, such as labor, surveying, and preparation costs. The bill specifies that depreciation and depletion expenses on financial statements should be disregarded when computing adjusted financial statement income for these purposes. The changes apply to taxable years beginning after December 31, 2025.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Carey, Mike [R-OH-15] (R-OH)
43 cosponsors
- Rep. Amodei, Mark E. [R-NV-2] (R-NV)
- Rep. Babin, Brian [R-TX-36] (R-TX)
- Rep. Balderson, Troy [R-OH-12] (R-OH)
- Rep. Bice, Stephanie I. [R-OK-5] (R-OK)
- Rep. Carter, John R. [R-TX-31] (R-TX)
- Rep. Cole, Tom [R-OK-4] (R-OK)
- Rep. Crenshaw, Dan [R-TX-2] (R-TX)
- Rep. Cuellar, Henry [D-TX-28] (D-TX)
- Rep. Davidson, Warren [R-OH-8] (R-OH)
- Rep. Ellzey, Jake [R-TX-6] (R-TX)
- Rep. Estes, Ron [R-KS-4] (R-KS)
- Rep. Evans, Gabe [R-CO-8] (R-CO)
- Rep. Fallon, Pat [R-TX-4] (R-TX)
- Rep. Goldman, Craig [R-TX-12] (R-TX)
- Rep. Gonzalez, Vicente [D-TX-34] (D-TX)
- Rep. Hern, Kevin [R-OK-1] (R-OK)
- Rep. Hunt, Wesley [R-TX-38] (R-TX)
- Rep. LaHood, Darin [R-IL-16] (R-IL)
- Rep. Langworthy, Nicholas A. [R-NY-23] (R-NY)
- Rep. Latta, Robert E. [R-OH-5] (R-OH)
- Rep. Lawler, Michael [R-NY-17] (R-NY)
- Rep. Malliotakis, Nicole [R-NY-11] (R-NY)
- Rep. Mann, Tracey [R-KS-1] (R-KS)
- Rep. McDowell, Addison [R-NC-6] (R-NC)
- Rep. Meuser, Daniel [R-PA-9] (R-PA)
- Rep. Miller, Carol D. [R-WV-1] (R-WV)
- Rep. Miller, Mary E. [R-IL-15] (R-IL)
- Rep. Miller, Max L. [R-OH-7] (R-OH)
- Rep. Mills, Cory [R-FL-7] (R-FL)
- Rep. Moran, Nathaniel [R-TX-1] (R-TX)
- Rep. Murphy, Gregory F. [R-NC-3] (R-NC)
- Rep. Newhouse, Dan [R-WA-4] (R-WA)
- Rep. Pfluger, August [R-TX-11] (R-TX)
- Rep. Rulli, Michael A. [R-OH-6] (R-OH)
- Rep. Steube, W. Gregory [R-FL-17] (R-FL)
- Rep. Taylor, David [R-OH-2] (R-OH)
- Rep. Tenney, Claudia [R-NY-24] (R-NY)
- Rep. Thompson, Glenn [R-PA-15] (R-PA)
- Rep. Van Duyne, Beth [R-TX-24] (R-TX)
- Rep. Veasey, Marc A. [D-TX-33] (D-TX)
- Rep. Weber, Randy K. Sr. [R-TX-14] (R-TX)
- Rep. Williams, Roger [R-TX-25] (R-TX)
- Rep. Zinke, Ryan K. [R-MT-1] (R-MT)
Actions (2)
- Jan 23, 2025 Referred to the House Committee on Ways and Means. · house
- Jan 23, 2025 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
January 23, 2025
Mr. Carey (for himself, Mr. Vicente Gonzalez of Texas, Mr. Langworthy, Mr. Rulli, Mr. Davidson, Mr. Crenshaw, Mr. Zinke, Mr. Balderson, Mr. Veasey, Mr. LaHood, Mr. Carter of Texas, Mr. Meuser, Mr. Thompson of Pennsylvania, Mrs. Miller of Illinois, Mr. Hern of Oklahoma, Ms. Tenney, Mrs. Miller of West Virginia, Mr. Williams of Texas, Mr. Cuellar, Mr. Hunt, Mr. Mann, Mr. Miller of Ohio, Mr. Cole, Mr. Weber of Texas, Mr. Newhouse, Mr. McDowell, Mr. Fallon, Ms. Van Duyne, Mr. Murphy, Mr. Ellzey, Mr. Babin, Mr. Evans of Colorado, Mr. Goldman of Texas, and Ms. Malliotakis) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to allow intangible drilling and development costs to be taken into account when computing adjusted financial statement income.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Promoting Domestic Energy Production Act”.
SEC. 2. INTANGIBLE DRILLING AND DEVELOPMENT COSTS TAKEN INTO ACCOUNT FOR PURPOSES OF COMPUTING ADJUSTED FINANCIAL STATEMENT INCOME.
(a) In General.—Section 56A(c)(13) of the Internal Revenue Code of 1986 is amended—
(1) by striking subparagraph (A) and inserting the following:
“(A) reduced by—
“(i) depreciation deductions allowed under section 167 with respect to property to which section 168 applies to the extent of the amount allowed as deductions in computing taxable income for the year, and
“(ii) any deduction allowed for expenses under section 263(c) with respect to property described therein to the extent of the amount allowed as deductions in computing taxable income for the year, and”, and
(2) by striking subparagraph (B)(i) and inserting the following:
“(i) to disregard any amount of—
“(I) depreciation expense that is taken into account on the taxpayer’s applicable financial statement with respect to such property, and
“(II) depletion expense that is taken into account on the taxpayer’s applicable financial statement with respect to the intangible drilling and development costs of such property, and”.
(b) Effective Date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2025. <all>
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