Congress·In Committee·H.R. 662

Promoting Domestic Energy Production Act

Energy Production: Tax Deductions for Oil and Gas Drilling

Jan 23, 2025·View on Congress.gov·Read full text

This bill is one vehicle in a longer effort. See the full story across every version.View effort →

Next up: A house committeeNo action in 17 months

This bill is currently in the early stages of the legislative process. It was recently sent to the House Committee on Ways and Means for review. There are no upcoming votes scheduled at this time.

Legislative Progress

House

Senate

President

Law

Could go either way

The bill has strong bipartisan support and a large number of cosponsors. While tax breaks for energy companies are often debated, the bipartisan backing gives it a better chance than many other bills.

How we got here

This bill’s path across every version that has carried it.

Reintroduced
Reintroduced from H.R. 5073 (118th), which died when its Congress ended.
H.R. 5073 (118th) →

Key Points

This bill changes how the government calculates taxes for large energy companies. It allows them to subtract the costs of drilling and developing new oil and gas wells from their total income before they pay the corporate minimum tax.
The goal is to encourage more energy production within the United States. By lowering the tax burden on new projects, lawmakers hope to make it cheaper for companies to start new drilling operations.
This change specifically helps companies that pay the 15 percent corporate minimum tax. Currently, these companies cannot always deduct certain costs like labor, fuel, and repairs used for drilling when calculating that specific tax.
If passed, these new tax rules would start for the tax year beginning in 2026. This gives energy companies time to plan new investments based on the potential savings.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.

Milestones

2 milestones2 actions

Jan 23, 2025House

Referred to the House Committee on Ways and Means.

Jan 23, 2025

Introduced in House

The bill was officially filed and given a number. It now enters the legislative queue.

No votes or news coverage recorded for this bill yet.

Source Information

Document Type

Congressional Bill

Official Title

Promoting Domestic Energy Production Act

Bill NumberHR 662

Congress119th Congress

ChamberHouse of Representatives

Latest ActionReferred to the House Committee on Ways and Means.

Data Sources

Congress.gov

Official legislative information

Read Full Bill Text

Sponsor

Cosponsors

(43)

D: 3R: 40

Analysis generated by AI. Always verify with official sources.