Promoting Domestic Energy Production Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 662 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 662 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. _______________________________________________________________________ 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 t