Bill · S. 224· Senate(119-S-224)

Promoting Domestic Energy Production Act

Age: 58 years

Oklahoma

Introduced: 1/23/2025
Last activity: 1/23/2025 — Read twice and referred to the Committee on Finance.
Sponsored by: James Lankford
Cosponsors: - 18 - 0

Taxation

Introduced
In Committee

What this bill would do

This bill, titled the "Promoting Domestic Energy Production Act," aims to amend the Internal Revenue Code of 1986. It specifically targets how adjusted financial statement income is computed. The legislation seeks to allow intangible drilling and development costs to be taken into account during this computation. These changes involve adjustments to depreciation and depletion expenses. The provisions are intended to modify existing rules regarding property and its associated costs.

Yes· 3 of 6

Would business owners be better off under this?+5
Business owners in the energy and resource extraction industries benefit from the new tax treatment for depreciation and depletion expenses.
Does this cut taxes for small businesses?+3
The provision for deducting intangible drilling and development costs provides tax relief to businesses engaged in domestic energy production.
Is this likely to create jobs?+3
By providing tax incentives for drilling and development, the bill may encourage increased investment in the domestic energy sector.

The opposite

Does this reduce how much oil, gas and coal is produced?-3
By facilitating tax deductions for drilling and development costs, the bill incentivizes the production of fossil fuels.