Promoting Domestic Energy Production Act

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5073 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 5073

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.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 28, 2023

 Mr. Carey (for himself, Mr. Vicente Gonzalez of Texas, Mr. Nehls, Mr. 
Hunt, Mr. Mooney, Mrs. Miller of West Virginia, Mr. Meuser, Mrs. Bice, 
Mr. Crenshaw, Mr. Cole, Mr. Cuellar, Ms. Van Duyne, Mr. Pence, Mr. Tony 
Gonzales of Texas, Ms. Greene of Georgia, Mr. Amodei, Mr. Pfluger, Mr. 
    Zinke, Mr. Langworthy, Mr. Hern, Mr. Estes, Mr. Balderson, Mr. 
    Armstrong, Mr. Miller of Ohio, and Mr. Newhouse) introduced the 
 following bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Promoting Domestic Energy Production 
Act''.

SEC. 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 amending subparagraph (A) to read as follows:
                    ``(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 amending subparagraph (B)(i) to read as follows:
                            ``(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.
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