summary
Introduced
07/28/2023
07/28/2023
In Committee
07/28/2023
07/28/2023
Crossed Over
Passed
Dead
01/03/2025
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
Official Document
bill text
bill summary
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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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