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S 224 - 119

Promoting Domestic Energy Production Act

Read twice and referred to the Committee on Finance.

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Energy
1 evidence matches
Impact 83% Confidence 78%

Promoting Domestic Energy Production Act Read twice and referred to the Committee on Finance. Taxation

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Candidate campaign summary

S6OH00304

S · OH-00 · REPUBLICAN PARTY
2026 cycle
Campaign receipts$19,894,786
Individual total$9,843,193
Committee total$2,733,610
Cosponsor · confidence 92%
Campaign committee

HUSTED FOR OH SENATE REPUBLICAN NOMINEE FUND 2026

C00895276 · Senate
Committee receipts · 2026 cycle$9,403
Disbursements$9,403
Campaign committee

HUSTED FOR SENATE

C00896019 · Senate
Principal committee
Committee receipts · 2026 cycle$19,885,383
Disbursements$15,646,286
Cosponsor: 2

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Summary

00 Introduced in Senate Oct 30, 2026

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.

Sponsors

Barrasso, John
Cosponsor

Barrasso, John

Republican · WY · B001261

Joined Jan 23, 2025
Website
N/A
Office
307 Dirksen Senate Office Building Washington, DC 20510
Cassidy, Bill
Cosponsor

Cassidy, Bill

Republican · LA-6 · C001075

Joined Jan 23, 2025
Website
N/A
Office
455 Dirksen Senate Office Building Washington, DC 20510
Cramer, Kevin
Cosponsor

Cramer, Kevin

Republican · ND-0 · C001096

Joined Jan 23, 2025
Website
N/A
Office
313 Hart Senate Office Building Washington, DC 20510
Daines, Steve
Cosponsor

Daines, Steve

Republican · MT-0 · D000618

Joined Jan 23, 2025
Website
N/A
Office
320 Hart Senate Office Building Washington, DC 20510
Lummis, Cynthia M.
Cosponsor

Lummis, Cynthia M.

Republican · WY-0 · L000571

Joined Jan 23, 2025
Website
N/A
Office
127A Russell Senate Office Building Washington, DC 20510
Risch, James E.
Cosponsor

Risch, James E.

Republican · ID · R000584

Joined Jan 23, 2025
Website
N/A
Office
483 Russell Senate Office Building Washington, DC 20510
Sheehy, Tim
Cosponsor

Sheehy, Tim

Republican · MT · S001232

Joined Jan 23, 2025
Website
N/A
Office
124 Russell Senate Office Building Washington, DC 20510

Amendments

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Compiled bill record. Bill pages combine Congress.gov source payloads, normalized relationships, cached text analysis, vote links, and deterministic sector/signal extraction. This is not an official government record or legal advice; use the official source link when accuracy matters.