Promoting Domestic Energy Production Act
Sponsored By: Representative Carey, Mike [R-OH-15]
Introduced
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.
Show full summary
- 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.
Your PRIA Score
Personalized for You
How does this bill affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this bill and every other piece of legislation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Higher book income taxes for oil and gas firms
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 drilling cost deductions, but only if those amounts are allowed in taxable income for the year. For many oil and gas companies, this could raise the income measure used for tax, leading to higher tax bills. It would apply to tax years beginning after December 31, 2025.
Sponsors & CoSponsors
Sponsor
Carey, Mike [R-OH-15]
OH • R
Cosponsors
Gonzalez, V.
TX • D
Sponsored 1/23/2025
Langworthy
NY • R
Sponsored 1/23/2025
Rep. Rulli, Michael A. [R-OH-6]
OH • R
Sponsored 1/23/2025
Davidson
OH • R
Sponsored 1/23/2025
Crenshaw
TX • R
Sponsored 1/23/2025
Rep. Zinke, Ryan K. [R-MT-1]
MT • R
Sponsored 1/23/2025
Balderson
OH • R
Sponsored 1/23/2025
Rep. Veasey, Marc A. [D-TX-33]
TX • D
Sponsored 1/23/2025
LaHood
IL • R
Sponsored 1/23/2025
Rep. Carter, John R. [R-TX-31]
TX • R
Sponsored 1/23/2025
Rep. Meuser, Daniel [R-PA-9]
PA • R
Sponsored 1/23/2025
Rep. Thompson, Glenn [R-PA-15]
PA • R
Sponsored 1/23/2025
Rep. Miller, Mary E. [R-IL-15]
IL • R
Sponsored 1/23/2025
Hern (OK)
OK • R
Sponsored 1/23/2025
Rep. Tenney, Claudia [R-NY-24]
NY • R
Sponsored 1/23/2025
Rep. Miller, Carol D. [R-WV-1]
WV • R
Sponsored 1/23/2025
Rep. Williams, Roger [R-TX-25]
TX • R
Sponsored 1/23/2025
Cuellar
TX • D
Sponsored 1/23/2025
Hunt
TX • R
Sponsored 1/23/2025
Rep. Mann, Tracey [R-KS-1]
KS • R
Sponsored 1/23/2025
Rep. Miller, Max L. [R-OH-7]
OH • R
Sponsored 1/23/2025
Cole
OK • R
Sponsored 1/23/2025
Rep. Weber, Randy K. Sr. [R-TX-14]
TX • R
Sponsored 1/23/2025
Rep. Newhouse, Dan [R-WA-4]
WA • R
Sponsored 1/23/2025
McDowell
NC • R
Sponsored 1/23/2025
Rep. Fallon, Pat [R-TX-4]
TX • R
Sponsored 1/23/2025
Van Duyne
TX • R
Sponsored 1/23/2025
Rep. Murphy, Gregory F. [R-NC-3]
NC • R
Sponsored 1/23/2025
Ellzey
TX • R
Sponsored 1/23/2025
Babin
TX • R
Sponsored 1/23/2025
Evans (CO)
CO • R
Sponsored 1/23/2025
Goldman (TX)
TX • R
Sponsored 1/23/2025
Rep. Malliotakis, Nicole [R-NY-11]
NY • R
Sponsored 1/23/2025
Estes
KS • R
Sponsored 1/28/2025
Amodei (NV)
NV • R
Sponsored 1/28/2025
Rep. Lawler, Michael [R-NY-17]
NY • R
Sponsored 1/28/2025
Mills
FL • R
Sponsored 1/28/2025
Rep. Steube, W. Gregory [R-FL-17]
FL • R
Sponsored 1/28/2025
Pfluger
TX • R
Sponsored 1/28/2025
Rep. Bice, Stephanie I. [R-OK-5]
OK • R
Sponsored 1/31/2025
Latta
OH • R
Sponsored 2/5/2025
Rep. Taylor, David J. [R-OH-2]
OH • R
Sponsored 3/5/2025
Rep. Moran, Nathaniel [R-TX-1]
TX • R
Sponsored 4/10/2025
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov