H.R. 662, titled the “Promoting Domestic Energy Production Act,” proposes changes to the Internal Revenue Code of 1986. It aims to allow companies to consider intangible drilling and development costs when calculating their adjusted financial statement income. Intangible...
Simple Explanation
H.R. 662 is a proposal to change how companies in the U.S. count certain costs, like money spent to get ready to drill for oil and gas, when figuring out their taxes starting in 2026. This could help these companies by letting them save more on taxes.