PRIA Logo™
HR662119th CongressWALLET

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.

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Free to download

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

  • Rep. Gonzalez, Vicente [D-TX-34]

    TX • D

    Sponsored 1/23/2025

  • Rep. Langworthy, Nicholas A. [R-NY-23]

    NY • R

    Sponsored 1/23/2025

  • Rep. Rulli, Michael A. [R-OH-6]

    OH • R

    Sponsored 1/23/2025

  • Rep. Davidson, Warren [R-OH-8]

    OH • R

    Sponsored 1/23/2025

  • Rep. Crenshaw, Dan [R-TX-2]

    TX • R

    Sponsored 1/23/2025

  • Rep. Zinke, Ryan K. [R-MT-1]

    MT • R

    Sponsored 1/23/2025

  • Rep. Balderson, Troy [R-OH-12]

    OH • R

    Sponsored 1/23/2025

  • Rep. Veasey, Marc A. [D-TX-33]

    TX • D

    Sponsored 1/23/2025

  • Rep. LaHood, Darin [R-IL-16]

    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

  • Rep. Hern, Kevin [R-OK-1]

    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

  • Rep. Cuellar, Henry [D-TX-28]

    TX • D

    Sponsored 1/23/2025

  • Rep. Hunt, Wesley [R-TX-38]

    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

  • Rep. Cole, Tom [R-OK-4]

    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

  • Rep. McDowell, Addison P. [R-NC-6]

    NC • R

    Sponsored 1/23/2025

  • Rep. Fallon, Pat [R-TX-4]

    TX • R

    Sponsored 1/23/2025

  • Rep. Van Duyne, Beth [R-TX-24]

    TX • R

    Sponsored 1/23/2025

  • Rep. Murphy, Gregory F. [R-NC-3]

    NC • R

    Sponsored 1/23/2025

  • Rep. Ellzey, Jake [R-TX-6]

    TX • R

    Sponsored 1/23/2025

  • Rep. Babin, Brian [R-TX-36]

    TX • R

    Sponsored 1/23/2025

  • Rep. Evans, Gabe [R-CO-8]

    CO • R

    Sponsored 1/23/2025

  • Rep. Goldman, Craig A. [R-TX-12]

    TX • R

    Sponsored 1/23/2025

  • Rep. Malliotakis, Nicole [R-NY-11]

    NY • R

    Sponsored 1/23/2025

  • Rep. Estes, Ron [R-KS-4]

    KS • R

    Sponsored 1/28/2025

  • Rep. Amodei, Mark E. [R-NV-2]

    NV • R

    Sponsored 1/28/2025

  • Rep. Lawler, Michael [R-NY-17]

    NY • R

    Sponsored 1/28/2025

  • Rep. Mills, Cory [R-FL-7]

    FL • R

    Sponsored 1/28/2025

  • Rep. Steube, W. Gregory [R-FL-17]

    FL • R

    Sponsored 1/28/2025

  • Rep. Pfluger, August [R-TX-11]

    TX • R

    Sponsored 1/28/2025

  • Rep. Bice, Stephanie I. [R-OK-5]

    OK • R

    Sponsored 1/31/2025

  • Rep. Latta, Robert E. [R-OH-5]

    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
Back to Legislation