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HR 696119th CongressIntroduced
End Unaccountable Amnesty Act
Introduced: Oct 28, 2025
Standard Summary
Comprehensive overview in 1-2 paragraphs
The Promoting Domestic Energy Production Act amends the Internal Revenue Code to allow intangible drilling and development costs to be considered when computing adjusted financial statement income, effective for taxable years beginning after December 31, 2025.
Key Points
- 1Amends IRC §56A(c)(13) to include intangible drilling and development costs in adjusted financial statement income calculations.
- 2Specifies that depreciation and depletion expenses are disregarded for this purpose.
- 3Effective date: taxable years beginning after December 31, 2025.
- 4Provides guidance for oil and gas companies on tax reporting.
Impact Areas
Oil and gas producers and service companiesTax authorities and IRS complianceFinancial analysts and investors in the energy sector
Generated by openai/gpt-oss-20b:free on Nov 19, 2025