Promoting Domestic Energy Production Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
This bill modifies the Internal Revenue Code to allow certain intangible costs associated with drilling and developing energy resources to be considered when calculating a company’s adjusted financial statement income. Specifically, it adjusts depreciation and depletion deductions taken on financial statements to reflect the costs of intangible drilling and development. The changes will take effect starting in 2026.
Key provisions
- Allows intangible drilling and development costs to be deducted.
- Adjusts depreciation deductions under section 167.
- Adjusts depletion expense deductions under section 263(c).
- Modifies the calculation of adjusted financial statement income.
- The changes apply to taxable years beginning after December 31, 2025.
Who is affected
- Energy companies
- Taxpayers
- The Internal Revenue Service
Notable changes
- Changes the calculation of adjusted financial statement income.
- Specifically addresses intangible drilling and development costs.
Bill text
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Sponsors
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19 on record
Primary sponsor
Cosponsors
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