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Tax Relief for Energy Companies: Boosting Domestic Production

This act changes tax rules, allowing oil and gas companies to deduct drilling and development costs from their income. The goal is to support domestic energy production. These changes could impact energy prices and resource availability in the future.
Key points
Energy companies can now deduct drilling costs from their taxes, potentially lowering their financial burden.
The changes aim to encourage more oil and gas production within the United States.
New rules will apply to tax years starting after December 31, 2025.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_662
Sponsor: Rep. Carey, Mike [R-OH-15]
Process start date: 2025-01-23
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Summarized by: gemini-2.5-flash
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 119_HR_662.

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 2025-01-23.

What are the main provisions?

Key points include:

  • Energy companies can now deduct drilling costs from their taxes, potentially lowering their financial burden.
  • The changes aim to encourage more oil and gas production within the United States.
  • New rules will apply to tax years starting after December 31, 2025.
What is the specific legal status?

The current status is Introduced.

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 2025-12-23.

CATEGORIES

Taxes Economy