Bill

Bill > HR5073


US HR5073

US HR5073
Promoting Domestic Energy Production Act


summary

Introduced
07/28/2023
In Committee
07/28/2023
Crossed Over
Passed
Dead
01/03/2025

Introduced Session

118th Congress

Bill 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.

AI Summary

This bill proposes 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. Specifically, the bill modifies the treatment of depreciation deductions and depletion expenses related to such costs, allowing companies to deduct these expenses for tax purposes to the same extent they are deducted on the company's financial statements. The amendments made by this bill would apply to taxable years beginning after December 31, 2022.

Committee Categories

Budget and Finance

Sponsors (47)

Mike Carey (R)* Mark Amodei (R),  Kelly Armstrong (R),  Brian Babin (R),  Troy Balderson (R),  Stephanie Bice (R),  Michael Burgess (R),  John Carter (R),  Tom Cole (R),  Dan Crenshaw (R),  Henry Cuellar (D),  Warren Davidson (R),  Monica De La Cruz (R),  Jeff Duncan (R),  Ron Estes (R),  Pat Fallon (R),  Lizzie Fletcher (D),  Tony Gonzales (R),  Vicente Gonzalez (D),  Kay Granger (R),  Marjorie Taylor Greene (R),  Kevin Hern (R),  Wesley Hunt (R),  Bill Johnson (R),  Darin LaHood (R),  Nick Langworthy (R),  Tracey Mann (R),  Dan Meuser (R),  Carol Miller (R),  Mary Miller (R),  Max Miller (R),  Alex Mooney (R),  Greg Murphy (R),  Troy Nehls (R),  Dan Newhouse (R),  Greg Pence (R),  August Pfluger (R),  Guy Reschenthaler (R),  Michael Rulli (R),  Claudia Tenney (R),  G.T. Thompson (R),  Beth Van Duyne (R),  Marc Veasey (D),  Randy Weber (R),  Brad Wenstrup (R),  Roger Williams (R),  Ryan Zinke (R), 

Last Action

Referred to the House Committee on Ways and Means. (on 07/28/2023)

Bill Topics

Energy
  • ‐ Natural Gas and Oil
Macroeconomics
  • ‐ Taxation, Tax Policy, and Tax Reform

bill text


bill summary

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bill summary

Document Type Source Location Created
State Bill Page https://www.congress.gov/bill/118th-congress/house-bill/5073/all-info 07/29/2023
BillText https://www.congress.gov/118/bills/hr5073/BILLS-118hr5073ih.pdf 08/19/2023
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