Promoting Domestic Energy Production Act

This bill changes how very large corporations calculate a special minimum tax they may owe. Right now, corporations making over a certain amount of money pay a 15% alternative minimum tax based on the income shown on their financial statements. This bill would let those corporations subtract certain costs related to drilling and developing oil, gas, or geothermal wells in the United States — such as intangible drilling costs and related depletion expenses — from the income used to calculate that tax, which could lower the amount of minimum tax they owe.

Your Vote