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Promoting Domestic Energy Production Act

S. 224 Sen. James Lankford (R-OK) In committee
Bill text PDF
  1. Introduced Jan 23
  2. Committee Jan 23
  3. Passed Senate Next
  4. Passed House Not yet
  5. To President Not yet
  6. Law Not yet
Where it stands
In committee, Jan 23, 2025Next: Senate vote
642d ago Jan 23, 2025: Read twice and referred to the Committee on Finance.
Final votes
No roll callsNo recorded vote on this bill yet
Lobbying
1company, 2 filings
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Member trades
4trades in the last 90 days
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Companies lobbying on this bill

1 company
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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 purposes of computing adjusted financial statement income: This section modifies Section 56A(c)(13) of the Internal Revenue Code to adjust how adjusted financial statement income is computed. Specifically, it allows deductions for intangible drilling and development costs under section 263(c) to reduce adjusted financial statement income, to the extent those costs are allowed as deductions in computing taxable income for the year. It also requires disregarding depletion expense related to intangible drilling and development costs that is taken into account on the taxpayer's applicable financial statement. The amendments apply to taxable years beginning after December 31, 2025.

Summary of the bill text as introduced in Senate (Jan 23, 2025), 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 27, 2026.