Both sides have signed this (Bill Ranking)
H.R. 662 · 119th Congress (2025-2026)
44 members · Left 2 · Center 2 · Right 40 (Bill Ranking)
| Sponsor | Rep. Carey, Mike (R-OH) (Introduced 01/23/2025) |
|---|---|
| Sponsor Voting Record | Lean right · DW-NOMINATE +0.41 · measured from every roll-call vote this member has cast (voteview.com) (Sponsor Ranking) |
| Support |
LLLCLRR support across the spectrum: 44 members signed on (Bill Ranking) this bill: sponsor + current cosponsors, each once |
| Committees | House - Ways and Means Committee |
| Latest Action | 01/23/2025 Referred to the House Committee on Ways and Means. |
| Roll Call Votes | There have been no roll call votes |
| Source | view on congress.gov → |
Introduced in House (01/23/2025)
Promoting Domestic Energy Production Act
This bill allows corporations to reduce their adjusted financial statement income to account for certain intangible costs related to oil, gas, or geothermal well drilling and development for purposes of calculating the corporate alternative minimum tax.
Under current law, a 15% corporate alternative minimum tax is imposed on a corporation with adjusted financial statement income exceeding an average of $1 billion for a consecutive three-year period (or an average of $100 million for a U.S. corporation that is part of a foreign parent multinational group if the adjusted financial statement income of such group exceeds an average of $1 billion for a consecutive three-year period). Adjusted financial statement income generally is the net income or loss reported on the corporation’s applicable financial statement for a tax year, with adjustments for specific items.
This bill expands the reductions that may be made to a corporation’s adjusted financial statement income to include (1) intangible drilling and development costs incurred by an operator of a domestic oil, gas, or geothermal well that are allowed as a deduction in the current tax year when computing regular taxable income; and (2) any depletion expenses related to the intangible oil, gas, or geothermal well drilling and development costs.
119 HR 662 IH: Promoting Domestic Energy Production Act U.S. House of Representatives 2025-01-23 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. I119th CONGRESS1st SessionH. R. 662IN THE HOUSE OF REPRESENTATIVESJanuary 23, 2025Mr. Carey (for himself, Mr. Vicente Gonzalez of Texas, Mr. Langworthy, Mr. Rulli, Mr. Davidson, Mr. Crenshaw, Mr. Zinke, Mr. Balderson, Mr. Veasey, Mr. LaHood, Mr. Carter of Texas, Mr. Meuser, Mr. Thompson of Pennsylvania, Mrs. Miller of Illinois, Mr. Hern of Oklahoma, Ms. Tenney, Mrs. Miller of West Virginia, Mr. Williams of Texas, Mr. Cuellar, Mr. Hunt, Mr. Mann, Mr. Miller of Ohio, Mr. Cole, Mr. Weber of Texas, Mr. Newhouse, Mr. McDowell, Mr. Fallon, Ms. Van Duyne, Mr. Murphy, Mr. Ellzey, Mr. Babin, Mr. Evans of Colorado, Mr. Goldman of Texas, and Ms. Malliotakis) introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo 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.
1.Short titleThis Act may be cited as the Promoting Domestic Energy Production Act.
2.Intangible drilling and development costs taken into account for purposes of computing adjusted financial statement income (a)In generalSection 56A(c)(13) of the Internal Revenue Code of 1986 is amended— (1)by striking subparagraph (A) and inserting the following: (A)reduced by— (i)depreciation deductions allowed under section 167 with respect to property to which section 168 applies to the extent of the amount allowed as deductions in computing taxable income for the year, and (ii)any deduction allowed for expenses under section 263(c) with respect to property described therein to the extent of the amount allowed as deductions in computing taxable income for the year, and, and (2)by striking subparagraph (B)(i) and inserting the following: (i)to disregard any amount of— (I)depreciation expense that is taken into account on the taxpayer's applicable financial statement with respect to such property, and (II)depletion expense that is taken into account on the taxpayer’s applicable financial statement with respect to the intangible drilling and development costs of such property, and. (b)Effective dateThe amendments made by this section shall apply to taxable years beginning after December 31, 2025.
The bill's own words, from our database (synced from the GPO BILLS XML); paragraph breaks added at the bill's section boundaries, nothing else changed.
| Date | Chamber | All Actions |
|---|---|---|
| 01/23/2025 | Library of Congress | Introduced in House |
| 01/23/2025 | Library of Congress | Introduced in House |
| 01/23/2025 | House floor actions | Referred to the House Committee on Ways and Means. |
| Title Type | Title |
|---|---|
| Display Title | Promoting Domestic Energy Production Act |
| Short Title(s) as Introduced | Promoting Domestic Energy Production Act |
| Official Title as Introduced | 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. |
There are no amendments to this bill.
* = Original cosponsor
| Committee | Activity |
|---|---|
| House - Ways and Means Committee | 01/23/2025 Referred To |
Policy Area: Taxation
No legislative subjects have been assigned yet.
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