# 119-hr-662: Promoting Domestic Energy Production Act

119-hr-662, Promoting Domestic Energy Production Act, is a 119th Congress bill sponsored by Rep. Carey, Mike [R-OH-15] (R-OH); status introduced; PRIA reads it as touching household money (as of 2026-05-20).

- Canonical: https://policyrisk.com/legislation/119-hr-662
- As of: 2026-05-20
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-662
- Congress: 119
- Title: Promoting Domestic Energy Production Act
- Status: introduced
- Introduced: 2025-01-23
- Sponsor: Rep. Carey, Mike [R-OH-15] (R-OH)
- Cosponsors: 43
- Policy area: Taxation
- Touches household money: yes
- Last recorded action: 2026-05-20

## Summary

**Would favor intangible drilling and development costs (IDCs) when computing adjusted financial statement income (AFSI).** The bill would change Internal Revenue Code section 56A(c)(13) so certain depreciation and depletion tied to IDCs are excluded or disregarded in the AFSI calculation. - Companies with IDCs would see some drilling-related depreciation and depletion ignored for AFSI, which raises their reported AFSI. - Book-to-tax differences would change because the bill requires disregarding depreciation and depletion taken into account on a taxpayer's applicable financial statement for those properties. - The changes would apply to taxable years beginning after December 31, 2025.

## Cosponsors (43)

- Rep. Gonzalez, Vicente [D-TX-34] (D-TX), 2025-01-23T00:00:00.000Z
- Rep. Langworthy, Nicholas A. [R-NY-23] (R-NY), 2025-01-23T00:00:00.000Z
- Rep. Rulli, Michael A. [R-OH-6] (R-OH), 2025-01-23T00:00:00.000Z
- Rep. Davidson, Warren [R-OH-8] (R-OH), 2025-01-23T00:00:00.000Z
- Rep. Crenshaw, Dan [R-TX-2] (R-TX), 2025-01-23T00:00:00.000Z
- Rep. Zinke, Ryan K. [R-MT-1] (R-MT), 2025-01-23T00:00:00.000Z
- Rep. Balderson, Troy [R-OH-12] (R-OH), 2025-01-23T00:00:00.000Z
- Rep. Veasey, Marc A. [D-TX-33] (D-TX), 2025-01-23T00:00:00.000Z
- Rep. LaHood, Darin [R-IL-16] (R-IL), 2025-01-23T00:00:00.000Z
- Rep. Carter, John R. [R-TX-31] (R-TX), 2025-01-23T00:00:00.000Z
- Rep. Meuser, Daniel [R-PA-9] (R-PA), 2025-01-23T00:00:00.000Z
- Rep. Thompson, Glenn [R-PA-15] (R-PA), 2025-01-23T00:00:00.000Z
- Rep. Miller, Mary E. [R-IL-15] (R-IL), 2025-01-23T00:00:00.000Z
- Rep. Hern, Kevin [R-OK-1] (R-OK), 2025-01-23T00:00:00.000Z
- Rep. Tenney, Claudia [R-NY-24] (R-NY), 2025-01-23T00:00:00.000Z
- Rep. Miller, Carol D. [R-WV-1] (R-WV), 2025-01-23T00:00:00.000Z
- Rep. Williams, Roger [R-TX-25] (R-TX), 2025-01-23T00:00:00.000Z
- Rep. Cuellar, Henry [D-TX-28] (D-TX), 2025-01-23T00:00:00.000Z
- Rep. Hunt, Wesley [R-TX-38] (R-TX), 2025-01-23T00:00:00.000Z
- Rep. Mann, Tracey [R-KS-1] (R-KS), 2025-01-23T00:00:00.000Z
- Rep. Miller, Max L. [R-OH-7] (R-OH), 2025-01-23T00:00:00.000Z
- Rep. Cole, Tom [R-OK-4] (R-OK), 2025-01-23T00:00:00.000Z
- Rep. Weber, Randy K. Sr. [R-TX-14] (R-TX), 2025-01-23T00:00:00.000Z
- Rep. Newhouse, Dan [R-WA-4] (R-WA), 2025-01-23T00:00:00.000Z
- Rep. McDowell, Addison P. [R-NC-6] (R-NC), 2025-01-23T00:00:00.000Z
- Rep. Fallon, Pat [R-TX-4] (R-TX), 2025-01-23T00:00:00.000Z
- Rep. Van Duyne, Beth [R-TX-24] (R-TX), 2025-01-23T00:00:00.000Z
- Rep. Murphy, Gregory F. [R-NC-3] (R-NC), 2025-01-23T00:00:00.000Z
- Rep. Ellzey, Jake [R-TX-6] (R-TX), 2025-01-23T00:00:00.000Z
- Rep. Babin, Brian [R-TX-36] (R-TX), 2025-01-23T00:00:00.000Z
- Rep. Evans, Gabe [R-CO-8] (R-CO), 2025-01-23T00:00:00.000Z
- Rep. Goldman, Craig A. [R-TX-12] (R-TX), 2025-01-23T00:00:00.000Z
- Rep. Malliotakis, Nicole [R-NY-11] (R-NY), 2025-01-23T00:00:00.000Z
- Rep. Estes, Ron [R-KS-4] (R-KS), 2025-01-28T00:00:00.000Z
- Rep. Amodei, Mark E. [R-NV-2] (R-NV), 2025-01-28T00:00:00.000Z
- Rep. Lawler, Michael [R-NY-17] (R-NY), 2025-01-28T00:00:00.000Z
- Rep. Mills, Cory [R-FL-7] (R-FL), 2025-01-28T00:00:00.000Z
- Rep. Steube, W. Gregory [R-FL-17] (R-FL), 2025-01-28T00:00:00.000Z
- Rep. Pfluger, August [R-TX-11] (R-TX), 2025-01-28T00:00:00.000Z
- Rep. Bice, Stephanie I. [R-OK-5] (R-OK), 2025-01-31T00:00:00.000Z
- Rep. Latta, Robert E. [R-OH-5] (R-OH), 2025-02-05T00:00:00.000Z
- Rep. Taylor, David J. [R-OH-2] (R-OH), 2025-03-05T00:00:00.000Z
- Rep. Moran, Nathaniel [R-TX-1] (R-TX), 2025-04-10T00:00:00.000Z

## Provisions PRIA read

- Higher book income taxes for oil and gas firms: cost, high. If enacted, the bill would change how businesses compute adjusted financial statement income. Companies that use an applicable financial statement would have to ignore book depreciation and depletion tied to drilling costs. They could instead reduce this income by tax depreciation and by intangible…

## Related bills

- 119-hr-452: Miracle on Ice Congressional Gold Medal Act
- 119-hr-1628: 761st Tank Battalion Congressional Gold Medal Act
- 119-hr-1502: North Platte Canteen Congressional Gold Medal Act
- 119-hr-703: Main Street Tax Certainty Act
- 119-hconres-12: Supporting the Local Radio Freedom Act.
- 119-hr-842: Nancy Gardner Sewell Medicare Multi-Cancer Early Detection Screening Coverage Act

## Sources
- [119-hr-662 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/662)

## Related
- [119-hr-452: Miracle on Ice Congressional Gold Medal Act](https://policyrisk.com/legislation/119-hr-452)
- [119-hr-1628: 761st Tank Battalion Congressional Gold Medal Act](https://policyrisk.com/legislation/119-hr-1628)
- [119-hr-1502: North Platte Canteen Congressional Gold Medal Act](https://policyrisk.com/legislation/119-hr-1502)
- [119-hr-703: Main Street Tax Certainty Act](https://policyrisk.com/legislation/119-hr-703)
- [119-hconres-12: Supporting the Local Radio Freedom Act.](https://policyrisk.com/legislation/119-hconres-12)
- [119-hr-842: Nancy Gardner Sewell Medicare Multi-Cancer Early Detection Screening Coverage A…](https://policyrisk.com/legislation/119-hr-842)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-662 (as of 2026-05-20).