S 224 · 119th Congress

Promoting Domestic Energy Production Act

This bill makes a technical change to how oil and gas companies calculate their taxes. Right now, when oil and gas companies drill wells, they can deduct certain upfront costs (called intangible drilling and development costs) from their regular income taxes, but these same costs get added back when calculating an a…

Sponsor

Lankford, James (R-Oklahoma)

Introduced

2025-01-23

Policy area

Taxation

Latest action

Read twice and referred to the Committee on Finance.