SecBot SecBot

Promoting Domestic Energy Production Act

H.R. 662 Rep. Mike Carey (R-OH-15) In committee
Bill text PDF
  1. Introduced Jan 23
  2. Committee Jan 23
  3. Passed House Next
  4. Passed Senate Not yet
  5. To President Not yet
  6. Law Not yet
Where it stands
In committee, Jan 23, 2025Next: House vote
643d ago Jan 23, 2025: Referred to the House Committee on Ways and Means.
Final votes
No roll callsNo recorded vote on this bill yet
Lobbying
2companies, 5 filings
Subscribe to see spend
Member trades
4trades in the last 90 days
Subscribe to see who
Who backs the bill and who pushes back Subscribe

Companies lobbying on this bill

2 companies
Companies by sector
Energy 2
Search all 2 companies, their asks and price moves Subscribe

Summary

Promoting Domestic Energy Production Act

Full summary3 paragraphs

This bill allows corporations to reduce their adjusted financial statement income to account for certain intangible costs related to oil, gas, or geothermal well drilling and development for purposes of calculating the corporate alternative minimum tax.

Under current law, a 15% corporate alternative minimum tax is imposed on a corporation with adjusted financial statement income exceeding an average of $1 billion for a consecutive three-year period (or an average of $100 million for a U.S. corporation that is part of a foreign parent multinational group if the adjusted financial statement income of such group exceeds an average of $1 billion for a consecutive three-year period). Adjusted financial statement income generally is the net income or loss reported on the corporation’s applicable financial statement for a tax year, with adjustments for specific items.

This bill expands the reductions that may be made to a corporation’s adjusted financial statement income to include (1) intangible drilling and development costs incurred by an operator of a domestic oil, gas, or geothermal well that are allowed as a deduction in the current tax year when computing regular taxable income; and (2) any depletion expenses related to the intangible oil, gas, or geothermal well drilling and development costs.

Library of Congress summary, Jan 23, 2025

Summary versions
  • Introduced in HouseJan 23, 2025

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