SB3381: Promoting Domestic Energy Production Act
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
A bill 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 for federal taxes. Specifically, it would let companies count intangible drilling and development costs—expenses for labor, equipment, and services used to prepare wells—as deductions when computing adjusted financial statement income. Adjusted financial statement income is a measure used by the Internal Revenue Service to determine certain tax limits for large businesses. The bill has been introduced in Congress and is currently in the early stage of the legislative process.
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SB3381: Promoting Domestic Energy Production Act
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Sponsors
James Lankford
Primary SponsorCo-sponsors (7)
Steve Daines
John Barrasso
Tim Scott
Ted Cruz
Kevin Cramer