Us Congress 2025-2026 Regular Session

Us Congress House Bill HB662 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 662
5	5	To amend the Internal Revenue Code of 1986 to allow intangible drilling
6	6	and development costs to be taken into account when computing adjusted
7	7	financial statement income.
8	8	IN THE HOUSE OF REPRESENTATIVES
9	9	JANUARY23, 2025
10	10	Mr. C
11	11	AREY(for himself, Mr. VICENTEGONZALEZof Texas, Mr.
12	12	L
13	13	ANGWORTHY, Mr. RULLI, Mr. DAVIDSON, Mr. CRENSHAW, Mr. ZINKE,
14	14	Mr. B
15	15	ALDERSON, Mr. VEASEY, Mr. LAHOOD, Mr. CARTERof Texas, Mr.
16	16	M
17	17	EUSER, Mr. THOMPSONof Pennsylvania, Mrs. MILLERof Illinois, Mr.
18	18	H
19	19	ERNof Oklahoma, Ms. TENNEY, Mrs. MILLERof West Virginia, Mr.
20	20	W
21	21	ILLIAMSof Texas, Mr. CUELLAR, Mr. HUNT, Mr. MANN, Mr. MILLER
22	22	of Ohio, Mr. C
23	23	OLE, Mr. WEBERof Texas, Mr. NEWHOUSE, Mr.
24	24	M
25	25	CDOWELL, Mr. FALLON, Ms. VANDUYNE, Mr. MURPHY, Mr. ELLZEY,
26	26	Mr. B
27	27	ABIN, Mr. EVANSof Colorado, Mr. GOLDMANof Texas, and Ms.
28	28	M
29	29	ALLIOTAKIS) introduced the following bill; which was referred to the
30	30	Committee on Ways and Means
31	31	A BILL
32	32	To amend the Internal Revenue Code of 1986 to allow intan-
33	33	gible drilling and development costs to be taken into
34	34	account when computing adjusted financial statement in-
35	35	come.
36	36	Be it enacted by the Senate and House of Representa-1
37	37	tives of the United States of America in Congress assembled, 2
38	38	VerDate Sep 11 2014 21:13 Feb 19, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H662.IH H662
39	39	kjohnson on DSK7ZCZBW3PROD with $$_JOB 2
40	40	•HR 662 IH
41	41	SECTION 1. SHORT TITLE. 1
42	42	This Act may be cited as the ‘‘Promoting Domestic 2
43	43	Energy Production Act’’. 3
44	44	SEC. 2. INTANGIBLE DRILLING AND DEVELOPMENT COSTS 4
45	45	TAKEN INTO ACCOUNT FOR PURPOSES OF 5
46	46	COMPUTING ADJUSTED FINANCIAL STATE-6
47	47	MENT INCOME. 7
48	48	(a) I
49	49	NGENERAL.—Section 56A(c)(13) of the Inter-8
50	50	nal Revenue Code of 1986 is amended— 9
51	51	(1) by striking subparagraph (A) and inserting 10
52	52	the following: 11
53	53	‘‘(A) reduced by— 12
54	54	‘‘(i) depreciation deductions allowed 13
55	55	under section 167 with respect to property 14
56	56	to which section 168 applies to the extent 15
57	57	of the amount allowed as deductions in 16
58	58	computing taxable income for the year, 17
59	59	and 18
60	60	‘‘(ii) any deduction allowed for ex-19
61	61	penses under section 263(c) with respect to 20
62	62	property described therein to the extent of 21
63	63	the amount allowed as deductions in com-22
64	64	puting taxable income for the year, and’’, 23
65	65	and 24
66	66	(2) by striking subparagraph (B)(i) and insert-25
67	67	ing the following: 26
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70	70	•HR 662 IH
71	71	‘‘(i) to disregard any amount of— 1
72	72	‘‘(I) depreciation expense that is 2
73	73	taken into account on the taxpayer’s 3
74	74	applicable financial statement with re-4
75	75	spect to such property, and 5
76	76	‘‘(II) depletion expense that is 6
77	77	taken into account on the taxpayer’s 7
78	78	applicable financial statement with re-8
79	79	spect to the intangible drilling and de-9
80	80	velopment costs of such property, 10
81	81	and’’. 11
82	82	(b) E
83	83	FFECTIVEDATE.—The amendments made by 12
84	84	this section shall apply to taxable years beginning after 13
85	85	December 31, 2025. 14
86	86	Æ
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