Promoting Domestic Energy Production Act

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 224 Introduced in Senate (IS)] <DOC> 119th CONGRESS 1st Session S. 224 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. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES January 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…