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Tax Relief for Energy Producers: Boosting Domestic Production

This new law changes how oil and gas companies calculate their taxable income. It allows them to deduct intangible drilling and development costs, potentially lowering their tax burden. The aim is to encourage more domestic energy production, which could impact energy availability and prices for citizens.
Key points
Energy companies can deduct drilling and development costs from their income, reducing taxes.
The changes aim to boost domestic oil and gas production.
These rules apply to tax years beginning after December 31, 2022.
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Additional Information
Print number: 118_HR_5073
Sponsor: Rep. Carey, Mike [R-OH-15]
Process start date: 2023-07-28
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Promoting Domestic Energy Production Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5073.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-07-28.

What are the main provisions?

Key points include:

  • Energy companies can deduct drilling and development costs from their income, reducing taxes.
  • The changes aim to boost domestic oil and gas production.
  • These rules apply to tax years beginning after December 31, 2022.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Carey, Mike [R-OH-15].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes Economy