S. 224, titled the “Promoting Domestic Energy Production Act,” proposes changes to the Internal Revenue Code of 1986 to consider intangible drilling and development costs when calculating adjusted financial statement income. This bill aims to adjust certain tax deductions...
Simple Explanation
This bill wants to change the tax rules to let people who spend money on searching for oil and gas count these costs when figuring out how much money they actually make. This might help oil and gas companies save money on their taxes starting in 2026.