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House bill · H.R. 662 (119th Congress)

Promoting Domestic Energy Production Act

U.S. House of Representatives

Latest action Jan 23, 2025

Sponsor: Mike Carey (U.S. Representative, OH-15, Republican)

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From Congress.gov and official rosters. This record was last updated Jul 30, 2026. About our data

Summary

Promoting Domestic Energy Production Act This bill allows corporations to reduce their adjusted financial statement income to account for certain intangible costs related to oil, gas, or geothermal well drilling and development for purposes of calculating the corporate alternative minimum tax. Under current law, a 15% corporate alternative minimum tax is imposed on a corporation with adjusted financial statement income exceeding an average of $1 billion for a consecutive three-year period (or an average of $100 million for a U.S. corporation that is part of a foreign parent multinational group if the adjusted financial statement income of such group exceeds an average of $1 billion for a consecutive three-year period). Adjusted financial statement income generally is the net income or loss reported on the corporation’s applicable financial statement for a tax year, with adjustments for specific items. This bill expands the reductions that may be made to a corporation’s adjusted financial statement income to include (1) intangible drilling and development costs incurred by an operator of a domestic oil, gas, or geothermal well that are allowed as a deduction in the current tax year when computing regular taxable income; and (2) any depletion expenses related to the intangible oil, gas, or geothermal well drilling and development costs.

Summary from the Congressional Research Service. How we handle summaries

Where it stands

Assigned to a committee for review.

  1. Introduced
  2. In committee
  3. Up for a vote
  4. Passed one chamber
  5. Passed
  6. Enacted

Committee

House Committee on Ways and Means · U.S. House of Representatives

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Cosponsors

43

Cosponsors listed on Congress.gov, shown A to Z.

  • Republican40
  • Democratic3

This bill has cosponsors from more than one party.

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Show the full list (43 names)

Related bills

As identified by Congress.gov.

Full history

  1. Jan 23, 2025

    Introduced

    Introduced in House

    U.S. House of Representatives

  2. Jan 23, 2025

    Introduced

    Introduced in U.S. House

    U.S. House

  3. Jan 23, 2025

    Referred to committee

    Referred to the House Committee on Ways and Means.

    U.S. House of Representatives

Read the record