119th Congress Taxation
H.R. 662: Promoting Domestic Energy Production Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill allows corporations to reduce their adjusted financial statement income to account for certain intangible costs related to oil, gas, or geothermal well drilling and development for purposes of calculating the corporate alternative minimum tax.
Under current law, a 15% corporate alternative minimum tax is imposed on a corporation with adjusted financial statement income exceeding an average of $1 billion for a consecutive three-year period (or an average of $100 million for a U.S. corporation that is part of a foreign parent multinational group if the adjusted financial statement income of such group exceeds an average of $1 billion for a consecutive three-year period). Adjusted financial statement income generally is the net income or loss reported on the corporation’s applicable financial statement for a tax year, with adjustments for specific items.
This bill expands the reductions that may be made to a corporation’s adjusted financial statement income to include (1) intangible drilling and development costs incurred by an operator of a domestic oil, gas, or geothermal well that are allowed as a deduction in the current tax year when computing regular taxable income; and (2) any depletion expenses related to the intangible oil, gas, or geothermal well drilling and development costs.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Brian Babin R-TXOriginal
- Troy Balderson R-OHOriginal
- John Carter R-TXOriginal
- Tom Cole R-OKOriginal
- Henry Cuellar D-TXOriginal
- Dan Crenshaw R-TXOriginal
- Warren Davidson R-OHOriginal
- Jake Ellzey R-TXOriginal
- Gabe Evans R-COOriginal
- Patrick Fallon R-TXOriginal
- Vicente Gonzalez D-TXOriginal
- Craig Goldman R-TXOriginal
- Kevin Hern R-OKOriginal
- Wesley Hunt R-TXOriginal
- Darin LaHood R-ILOriginal
- Nicholas Langworthy R-NYOriginal
- Nicole Malliotakis R-NYOriginal
- Tracey Mann R-KSOriginal
- Daniel Meuser R-PAOriginal
- Carol Miller R-WVOriginal
- Gregory Murphy R-NCOriginal
- Mary Miller R-ILOriginal
- Max Miller R-OHOriginal
- Addison McDowell R-NCOriginal
- Dan Newhouse R-WAOriginal
- Michael Rulli R-OHOriginal
- Glenn Thompson R-PAOriginal
- Claudia Tenney R-NYOriginal
- Marc Veasey D-TXOriginal
- Beth Van Duyne R-TXOriginal
- Randy Weber R-TXOriginal
- Roger Williams R-TXOriginal
- Ryan Zinke R-MTOriginal
- Mark Amodei R-NV
- Ron Estes R-KS
- Michael Lawler R-NY
- Cory Mills R-FL
- August Pfluger R-TX
- W. Steube R-FL
- Stephanie Bice R-OK
- Robert Latta R-OH
- David Taylor R-OH
- Nathaniel Moran R-TX
Who scored on this bill
- 1Mike Carey SponsorDrew cross-party cosponsors, reached a cosponsor milestone, introduced3 events+12
See all scorers and every scoring event
Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Mike Carey
- H.R. 8872: Preventing Waste, Fraud, and Abuse in TANF Act
- H.R. 6431: New Opportunities for Business Ownership and Self-Sufficiency Act
- H.R. 1453: Clean Energy Demonstration Transparency Act of 2025
- H.J.Res. 25: Disapproval of Internal Revenue Service rule: Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales
- H.R. 6513: COCOA Act of 2024
- H.R. 1069: Clean Energy Demonstration Transparency Act of 2023
History
- Introduced in the House by Mike Carey.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Ways and Means.