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To amend the Internal Revenue Code of 1986 to allow intangible drilling and development costs to be taken into account when computing adjusted financial statement income.
2/6/2025, 9:06 AM
Summary of Bill HR 662
Bill 119 hr 662, also known as the Intangible Drilling and Development Costs (IDC) Act, aims to make changes to the Internal Revenue Code of 1986. Specifically, this bill seeks to allow intangible drilling and development costs to be factored in when calculating adjusted financial statement income.
Intangible drilling and development costs refer to expenses incurred during the process of exploring for and developing oil and gas reserves. These costs are typically associated with activities such as labor, materials, and equipment used in drilling operations.
By allowing these costs to be taken into account when computing adjusted financial statement income, the bill aims to provide tax relief to companies involved in oil and gas exploration and development. This could potentially incentivize investment in these industries and spur economic growth. Overall, the IDC Act is designed to streamline the tax process for companies in the oil and gas sector and make it easier for them to accurately report their financial information. It is important to note that this bill is non-partisan and focuses solely on making technical changes to the tax code.
Intangible drilling and development costs refer to expenses incurred during the process of exploring for and developing oil and gas reserves. These costs are typically associated with activities such as labor, materials, and equipment used in drilling operations.
By allowing these costs to be taken into account when computing adjusted financial statement income, the bill aims to provide tax relief to companies involved in oil and gas exploration and development. This could potentially incentivize investment in these industries and spur economic growth. Overall, the IDC Act is designed to streamline the tax process for companies in the oil and gas sector and make it easier for them to accurately report their financial information. It is important to note that this bill is non-partisan and focuses solely on making technical changes to the tax code.
Current Status of Bill HR 662
Bill HR 662 is currently in the status of Bill Introduced since January 23, 2025. Bill HR 662 was introduced during Congress 119 and was introduced to the House on January 23, 2025. Bill HR 662's most recent activity was Referred to the House Committee on Ways and Means. as of January 23, 2025
Bipartisan Support of Bill HR 662
Total Number of Sponsors
4Democrat Sponsors
0Republican Sponsors
4Unaffiliated Sponsors
0Total Number of Cosponsors
153Democrat Cosponsors
12Republican Cosponsors
141Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 662
Primary Policy Focus
Alternate Title(s) of Bill HR 662
To amend the Internal Revenue Code of 1986 to allow intangible drilling and development costs to be taken into account when computing adjusted financial statement income.
To amend the Internal Revenue Code of 1986 to allow intangible drilling and development costs to be taken into account when computing adjusted financial statement income.
Comments
Sponsors and Cosponsors of HR 662
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