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Tax Break for Drilling Costs
Recent Bills/Tax Break for Drilling Costs

Tax Break for Drilling Costs

IntroducedN/A
Introduced1 year ago
Intro
Senate
House
Pres
Read twice and referred to the Committee on Finance.
Why This Matters

This bill allows energy companies to deduct specific drilling costs from their taxable income, making it cheaper for them to operate.

If you work in the energy sector, this bill could help your company save money on drilling costs starting in 2026.
Who this affects
energy companies
What changes is this bill making?
  1. 1This bill allows companies to include certain drilling expenses when calculating their taxable income.
  2. 2It specifically targets intangible drilling and development costs, which are often overlooked in tax calculations.
  3. 3The changes will take effect for tax years starting after December 31, 2025.
  4. 4This bill aims to support domestic energy production by making it financially easier for companies to invest in drilling.
Read the detailed summary

Disabled Veterans Housing Support Act This bill excludes compensation received for a military service-connected disability from a veteran's income when determining eligibility for assistance under the Community Development Block Grant (CDBG) program. The CDBG program provides grants to urban communities for development activities focused on revitalizing neighborhoods, economic development, and providing improved community facilities and services. Additionally, the Government Accountability Office must report on how service-connected disability compensation is treated when determining eligibility for all programs administered by the Department of Housing and Urban Development. This includes identifying instances where the treatment of such compensation is inconsistent with the requirement under this bill.

Bill Progress1 of 4
Bills must pass the House, Senate, and be signed by the President to become law.
Intro
Senate
House
Pres
IntroducedCurrentJan 23, 2025

Read twice and referred to the Committee on Finance.

Sponsors
See all 12 sponsors
Senate
House
President

The President

Donald Trump
President
Awaiting Vote
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