Search Results for keywords:"promoting domestic energy production act"

Search Results: keywords:"promoting domestic energy production act"

S. 224 — To amend the Internal Revenue Code of 1986 to allow intangible drilling and development costs to be taken into account when computing adjusted financial statement income.
January 23, 2025
Status:Introduced in Senate
Congress:119
Words:457
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.
H. R. 662 — To amend the Internal Revenue Code of 1986 to allow intangible drilling and development costs to be taken into account when computing adjusted financial statement income.
January 23, 2025
Status:Introduced in House
Congress:119
Words:557
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.

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