Promoting Domestic Energy Production Act

This bill would change how very large corporations calculate a special minimum tax they may owe. Right now, corporations that make over $1 billion on average must pay a 15% 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 — including drilling expenses and depletion costs — from that income, which could lower the amount of minimum tax they owe.

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