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HR 662119th CongressIntroduced
Promoting Domestic Energy Production Act
Introduced: Oct 28, 2025
Standard Summary
Comprehensive overview in 1-2 paragraphs
Amends the Internal Revenue Code to allow intangible drilling and development costs to be considered when calculating adjusted financial statement income for oil and gas producers.
Key Points
- 1Amends IRC §56A(c)(13) to include depreciation and §263(c) deductions.
- 2Disregards depreciation and depletion expenses in financial statements.
- 3Effective for taxable years beginning after December 31, 2025.
Impact Areas
Oil and gas producersTax accountantsEnergy companies
Generated by openai/gpt-oss-20b:free on Nov 19, 2025