What does Preamble of Promoting Domestic Energy Production Act do?

This bill proposes to amend the Internal Revenue Code of 1986. The amendment would allow intangible drilling and development costs to be considered when computing adjusted financial statement income.

What does SHORT TITLE. of Promoting Domestic Energy Production Act do?

This bill is formally titled the Promoting Domestic Energy Production Act.

What does INTANGIBLE DRILLING AND DEVELOPMENT COSTS TAKEN INTO ACCOUNT of Promoting Domestic Energy Production Act do?

This section amends Section 56A(c)(13) of the Internal Revenue Code of 1986 It modifies the computation of adjusted financial statement income The amendments affect depreciation deductions and expenses under sections 167 and 263(c)

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Promoting Domestic Energy Production Act

Last updated: 1/23/2025 · Introduced: 1/23/2025

Author: Mike Carey (R-OH)

TL;DR (AI)

This bill amends the Internal Revenue Code to allow intangible drilling and development costs to be considered when calculating adjusted financial statement income.
The bill modifies the computation of adjusted financial statement income, impacting depreciation deductions.
This legislation affects the treatment of expenses related to drilling and development under specific sections of the Internal Revenue Code.

119th Congressin committeeHR. 1(Signed into Law)Official page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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