Introduced
S. 224
Introduced in Senate · February 25, 2025January 23, 2025
Mr. Lankford (for himself, Mr. Barrasso, Mr. Daines, Mr. Cassidy, Mr. Scott of South Carolina, Mr. Marshall, Mr. Mullin, Mr. Cruz, Mr. Cramer, Ms. Lummis, Mr. Moran, Mr. Sheehy, Mr. Risch, and Mr. Sullivan) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. Short title.
This Act may be cited as the “Promoting Domestic Energy Production Act”.