Restoring key tax provisions for energy development is critical to America’s future ...Middle East

Recent catastrophic world events, including Russia’s invasion of Ukraine, have made it clear that we should do more to bolster energy security here at home and abroad. However, the Inflation Reduction Act removed a provision in America’s tax code designed to encourage investments in American energy.   That’s why we introduced the Promoting Domestic Energy Production Act, a bipartisan-led bill that would restore a tax provision known for intangible drilling costs or IDCs, which allow producers to deduct expenses associated with drilling new wells, just like other industries can immediately deduct their investments. This is critical, as the expenses in question typically constitute 60 to

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