A Republican bill with 18 Republican cosponsors · See all 18 cosponsors
Last activity — Read twice and referred to the Committee on Finance.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
This bill, titled the "Promoting Domestic Energy Production Act," aims to amend the Internal Revenue Code of 1986. It specifically targets how adjusted financial statement income is computed. The legislation seeks to allow intangible drilling and development costs to be taken into account during this computation. These changes involve adjustments to depreciation and depletion expenses. The provisions are intended to modify existing rules regarding property and its associated costs.
Yes· 3 of 6
- Scored +5
Would business owners be better off under this?
Business owners in the energy and resource extraction industries benefit from the new tax treatment for depreciation and depletion expenses.
- Scored +3
Does this cut taxes for small businesses?
The provision for deducting intangible drilling and development costs provides tax relief to businesses engaged in domestic energy production.
- Scored +3
Is this likely to create jobs?
By providing tax incentives for drilling and development, the bill may encourage increased investment in the domestic energy sector.
The opposite
- Scored -3
Does this reduce how much oil, gas and coal is produced?
By facilitating tax deductions for drilling and development costs, the bill incentivizes the production of fossil fuels.
Who it would affect, and how
Potential Positive Impacts for People
- Adjustments to Income Computation: The bill amends Section 56A(c)(13) of the Internal Revenue Code of 1986 to reduce adjusted financial statement income by certain depreciation and expense deductions (Section 2, subsection a). This change relates to how costs are accounted for in relation to property and intangible drilling and development costs.
Potential Negative Impacts for People
- No negative impacts are explicitly stated in the provided text: The provided text focuses on the technical amendments to the Internal Revenue Code regarding depreciation, depletion, and income computation without outlining any specific negative consequences or burdens.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Economy And Finance
- Is this likely to create jobs? — By providing tax incentives for drilling and development, the bill may encourage increased investment in the domestic energy sector. Does this cut taxes for small businesses? — The provision for deducting intangible drilling and development costs provides tax relief to businesses engaged in domestic energy production. Is this likely to grow the economy? — The bill supports the domestic energy industry through tax adjustments intended to promote energy production. Does this make it easier to run a small business? — The bill provides technical tax relief that assists businesses operating in the energy and extraction sectors.
- Demographic And Interest Groups
- Would business owners be better off under this? — Business owners in the energy and resource extraction industries benefit from the new tax treatment for depreciation and depletion expenses. Would people in rural areas be better off under this? — The promotion of domestic energy production can lead to increased economic activity in rural areas where drilling often occurs.
- Environment Energy And Infrastructure
- Does this reduce how much oil, gas and coal is produced? — By facilitating tax deductions for drilling and development costs, the bill incentivizes the production of fossil fuels.
- 5/21/2025
- 2 Cosponsors added.
- 3/26/2025
- 1 Cosponsor added.
- 3/13/2025
- 1 Cosponsor added.
- 1/24/2025
- 1 Cosponsor added.
- 1/23/2025
- Read twice and referred to the Committee on Finance.
- 13 Cosponsors added.
- Introduced in Senate
2 bills Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
John BarrassoRepublican · Wyoming
John CornynRepublican · Texas
Bill CassidyRepublican · Louisiana
Kevin CramerRepublican · North Dakota
Ted CruzRepublican · Texas
Steve DainesRepublican · Montana
John HoevenRepublican · North Dakota
Jon HustedRepublican · Ohio
Cynthia LummisRepublican · Wyoming
Mike LeeRepublican · Utah
Jerry MoranRepublican · Kansas
Markwayne MullinRepublican · Oklahoma
Roger MarshallRepublican · Kansas
Bernie MorenoRepublican · Ohio
James RischRepublican · Idaho
Tim ScottRepublican · South Carolina
Dan SullivanRepublican · Alaska
Tim SheehyRepublican · Montana