Bill > S3381

This bill amends the Internal Revenue Code to allow oil and gas companies to take into account intangible drilling and development costs when computing their adjusted financial statement income for tax purposes. Specifically, the bill allows these companies to deduct expenses related to depreciation of property and intangible drilling and development costs from their adjusted financial statement income, to the extent these deductions are allowed in computing their taxable income. The amendments made by this bill would apply to taxable years beginning after December 31, 2022.