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US SB224
Bill
AI Summary
- Amends Internal Revenue Code Section 56A(c)(13) to allow intangible drilling and development costs to be deducted when calculating adjusted financial statement income for the corporate alternative minimum tax
- Permits oil and gas companies to reduce their adjusted financial statement income by depreciation deductions under Section 167 and expenses under Section 263(c) for intangible drilling costs
- Requires taxpayers to disregard depreciation and depletion expenses on their financial statements related to intangible drilling and development costs when computing the minimum tax
- Applies to taxable years beginning after December 31, 2025
- Introduced January 23, 2025 by Senator Lankford with 13 Republican co-sponsors and referred to the Senate Finance Committee
Legislative Description
Promoting Domestic Energy Production Act
Taxation
Last Action
Read twice and referred to the Committee on Finance.
1/23/2025
Committee Referrals
Finance1/23/2025
Full Bill Text
No bill text available