Promoting Domestic Energy Production Act

119 HR 662 IH: Promoting Domestic Energy Production Act U.S. House of Representatives 2025-01-23 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. I 119th CONGRESS 1st Session H. R. 662 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. 1. Short title This Act may be cited as the Promoting Domestic Energy Production Act . 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.