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Tax breaks for energy companies: boosting domestic production.

This act aims to change tax rules, allowing energy extraction companies to more easily deduct drilling and development costs. This could lead to lower taxes for these companies, potentially encouraging more domestic energy production. Citizens might experience this through more stable energy prices or greater availability of domestic resources.
Key points
Energy companies can deduct drilling and development costs from their income, lowering their taxes.
The changes aim to encourage increased domestic oil and gas production.
New rules will apply to tax years beginning after December 31, 2025.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_224
Sponsor: Sen. Lankford, James [R-OK]
Process start date: 2025-01-23
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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 119_S_224.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

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 deduct drilling and development costs from their income, lowering their taxes.
  • The changes aim to encourage increased domestic oil and gas production.
  • New rules will apply to tax years beginning 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 Sen. Lankford, James [R-OK].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

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