HB5073: Promoting Domestic Energy Production Act
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
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.
Plain-language summary
This bill would change how oil and gas companies calculate their taxable income under federal tax law. Specifically, it would allow certain drilling and development costs—called intangible drilling costs—to count as deductions when companies report their financial income to the IRS. These costs include labor, fuel, and equipment used to prepare wells for production but not the physical equipment itself. The bill affects oil and gas producers and could reduce their federal tax obligations. The bill was introduced in the House and is currently in the early stage of the legislative process.
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HB5073: Promoting Domestic Energy Production Act
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Sponsors
Mike Carey
Primary SponsorCo-sponsors (46)
Vicente Gonzalez
Troy Nehls
Wesley Hunt
Alexander Mooney
Carol Miller