Promoting Domestic Energy Production Act
In committee: it can still change before the session ends.
- Stage
- In committee
- Started in
- Senate
- Sponsors
- 19
- Latest action
- Jan 23, 2025
What it does
The bill would amend the Internal Revenue Code to allow intangible drilling and development costs to be included when calculating adjusted financial statement income for certain tax purposes. It modifies Section 56A(c)(13) by adjusting how depreciation and depletion expenses are treated in financial statements for energy-related property. The change would apply to taxable years beginning after December 31, 2025, and affects corporations subject to the corporate alternative minimum tax rules.
No official summary is available here. This one was written by AI from the bill’s text.
Where it stands
Introduced (Done)
Committee (Current step)
Floor (Not started)
Law (Not started)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
Where it goes next
While a bill can still move, the questions are about people and money.