,,ii  #aaith ,,congress  #ast ,session  
,s4 #bbd  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,january #bc1       
#bjbe,mr4 ,lankford 7for himself1 ,mr4  
,barrasso1 ,mr4 ,daines1 ,mr4 ,cassidy1 
,mr4 ,scott of ,south ,carolina1 ,mr4   
,marshall1 ,mr4 ,mullin1 ,mr4 ,cruz1    
,mr4 ,cramer1 ,ms4 ,lummis1 ,mr4 ,moran1
 ,mr4 ,sheehy1 ,mr4 ,risch1 and ,mr4    
,sullivan7 introduced the following     
bill2 which was read twice and referred 
to the ,committee on ,finance  ,a ,,bill
  ,to amend the ,internal ,revenue ,code
 of #aihf to allow intangible drilling  
and development costs to be taken into  
account when computing adjusted         
financial statement income4  #a4 ,short 
title ,this ,act may be cited as the    
,promoting ,domestic ,energy ,production
 ,act4  #b4 ,intangible drilling and    
development costs taken into account for
 purposes of computing adjusted         
financial statement income  7a7 ,in     
general ,section #ef;,a7c77#ac7 of the  
,internal ,revenue ,code of #aihf is    

amended-- 7#a7 by striking subparagraph 
7,a7 and inserting the following3  7,a7 
reduced by-- 7i7 depreciation deductions
 allowed under section #afg with respect
 to property to which section #afh      
applies to the extent of the amount     
allowed as deductions in computing      
taxable income for the year1 and  7ii7  
any deduction allowed for expenses under
 section #bfc7;c7 with respect to       
property described therein to the extent
 of the amount allowed as deductions in 
computing taxable income for the year1  
and  1 and  7#b7 by striking            
subparagraph 7,b77i7 and inserting the  
following3  7i7 to disregard any amount 
of-- 7,i7 depreciation expense that is  
taken into account on the taxpayer's    
applicable financial statement with     
respect to such property1 and  7,,ii7   
depletion expense that is taken into    
account on the taxpayer's applicable    
financial statement with respect to the 
intangible drilling and development     
costs of such property1 and  4  7b7     

,effective date ,the amendments made by 
this section shall apply to taxable     
years beginning after ,december #ca1    
#bjbe4