CONGRESS FOR VOTERS

RepublicanBill · H.R. 662· House(119-HR-662)

Promoting Domestic Energy Production Act

Rep. Carey
Age: 55 years
Ohio
Introduced
1/23/2025
Last activity
1/23/2025 — Referred to the House Committee on Ways and Means.
Sponsored by
Mike Carey
Cosponsors
Republican - 40Democrat - 3
Taxation
  1. Introduced
  2. In Committee

What this bill would do

This bill, known as the "Promoting Domestic Energy Production Act," seeks to amend the Internal Revenue Code of 1986. The primary goal is to change how adjusted financial statement income is computed. Specifically, it addresses how intangible drilling and development costs are handled. The changes would involve how depreciation and depletion expenses are accounted for. These amendments are intended to take these specific costs into account during the computation process. The new rules would apply to taxable years starting after December 31, 2025.

Yes· 3 of 6

  • Would business owners be better off under this?+2

    The bill provides tax-related relief specifically targeted at the energy production industry.

  • Would people in rural areas be better off under this?+1

    Energy production often occurs in and provides economic benefits to rural communities.

  • Is this likely to lower the price at the pump?+1

    Increased domestic production can lead to a more stable or lower supply of fuel.

The opposite· 3 of 4

  • Does this raise the taxes companies pay?-3

    The bill adjusts how income is computed for tax purposes, which may reduce effective tax burdens for energy companies but alters standard corporate tax calculation methods.

  • Does this reduce how much oil, gas and coal is produced?-2

    This bill specifically aims to promote rather than reduce fossil fuel-related production.

  • Does this cut the pollution that drives climate change?-1

    Increased domestic energy production may lead to continued or increased carbon emissions.