Promoting Domestic Energy Production Act

Bill: 118-s-3381
Sponsor: full_name: Sen. Lankford, James [R-OK]
Introduced: 2023-11-30
Policy area: Taxation
Latest action: action_date: 2023-11-30
text: Read twice and referred to the Committee on Finance.

Summaries:

tv_txt: II 118th CONGRESS 1st Session S. 3381 IN THE SENATE OF THE UNITED STATES November 30, 2023 Mr. Lankford (for himself, Mr. Daines , Mr. Barrasso , and Mr. Scott of South Carolina ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to allow intangible drilling and development costs to be taken into account when computing adjusted financial statement income.

1. Short title This Act may be cited as the Promoting Domestic Energy Production Act . 2. Intangible drilling and development costs taken into account for purposes of computing adjusted financial statement income (a) In general Section 56A(c)(13) of the Internal Revenue Code of 1986 is amended— (1) by striking subparagraph (A) and inserting the following: (A) reduced by— (i) depreciation deductions allowed under section 167 with respect to property to which section 168 applies to the extent of the amount allowed as deductions in computing taxable income for the year, and (ii) any deduction allowed for expenses under section 263(c) with respect to property described therein to the extent of the amount allowed as deductions in computing taxable income for the year, and , and (2) by striking subparagraph (B)(i) and inserting the following: (i) to disregard any amount of— (I) depreciation expense that is taken into account on the taxpayer's applicable financial statement with respect to such property, and (II) depletion expense that is taken into account on the taxpayer’s applicable financial statement with respect to the intangible drilling and development costs of such property, and . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2022.