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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.

More:Recently Introduced Bills Economy Senate Bills

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?

1This bill allows companies to include certain drilling expenses when calculating their taxable income.
2It specifically targets intangible drilling and development costs, which are often overlooked in tax calculations.
3The changes will take effect for tax years starting after December 31, 2025.
4This bill aims to support domestic energy production by making it financially easier for companies to invest in drilling.

Last changed 3 months ago · checked hourly

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.

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Senate

House

President

The President

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License to Drill Act

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