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Promoting Domestic Energy Production Act

H.R. 5073 Rep. Mike Carey (R-OH-15) In committee
Bill text PDF
  1. Introduced Jul 28
  2. Committee Jul 28
  3. Passed House Next
  4. Passed Senate Not yet
  5. To President Not yet
  6. Law Not yet
Where it stands
In committee, Jul 28, 2023Next: House vote
1188d ago Jul 28, 2023: Referred to the House Committee on Ways and Means.
Final votes
No roll callsNo recorded vote on this bill yet
Lobbying
1company, 2 filings
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Member trades
0trades in the last 90 days
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Companies lobbying on this bill

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Energy 1
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Summary

This bill amends the Internal Revenue Code to allow intangible drilling and development costs to be considered when calculating adjusted financial statement income.

Sec. 2, Intangible drilling and development costs taken into account for adjusted financial statement income: This section modifies Section 56A(c)(13) of the Internal Revenue Code. It changes how adjusted financial statement income is computed by allowing deductions for intangible drilling and development costs under section 263(c) to reduce taxable income, and by requiring that depletion expenses related to these costs on the taxpayer's financial statement be disregarded. The changes apply to taxable years starting after December 31, 2023.

Summary of the bill text as introduced in House (Jul 28, 2023), generated by SecBot from the official bill text; the Library of Congress summary is not yet published.

Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 28, 2026.