S. 224 · 119th Congress
Promoting Domestic Energy Production Act
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LankfordSponsor18 cosponsors · 18 R
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Barrasso
BC
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Cassidy
KC
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Cramer
TC
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Cruz
SD
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Daines
CL
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Lummis
JM
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Moran
MM
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Mullin
RM
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Marshall
JR
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Risch
TS
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Scott
DS
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Sullivan
TS
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Sheehy
JC
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Cornyn
BM
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Moreno
ML
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Lee
JH
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Hoeven
JHR
Husted13 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill allows corporations to reduce their adjusted financial statement income to account for certain intangible costs related to oil, gas, or geothermal well drilling and development for purposes of calculating the corporate alternative minimum tax.
What it does: CRS summary · Introduced in Senate · Jan 23, 2025
Promoting Domestic Energy Production Act
This bill allows corporations to reduce their adjusted financial statement income to account for certain intangible costs related to oil, gas, or geothermal well drilling and development for purposes of calculating the corporate alternative minimum tax.
Under current law, a 15% corporate alternative minimum tax is imposed on a corporation with adjusted financial statement income exceeding an average of $1 billion for a consecutive three-year period (or an average of $100 million for a U.S. corporation that is part of a foreign parent multinational group if the adjusted financial statement income of such group exceeds an average of $1 billion for a consecutive three-year period). Adjusted financial statement income generally is the net income or loss reported on the corporation’s applicable financial statement for a tax year, with adjustments for specific items.
This bill expands the reductions that may be made to a corporation’s adjusted financial statement income to include (1) intangible drilling and development costs incurred by an operator of a domestic oil, gas, or geothermal well that are allowed as a deduction in the current tax year when computing regular taxable income; and (2) any depletion expenses related to the intangible oil, gas, or geothermal well drilling and development costs.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Promoting Domestic Energy Production Act
Latest action (Jan 23, 2025): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jan 23, 2025
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.