Bipartisan Effort to Overturn Anti-Fossil Fuel Measure in Biden's Climate Plan

A bipartisan coalition in the House has introduced the Promoting Domestic Energy Production Act, aimed at reversing a provision in President Biden's Inflation Reduction Act (IRA) that targets oil and gas producers. The legislation, authored by Reps. Mike Carey (R-Ohio) and Vicente Gonzalez (D-Texas), seeks to ensure that the oil and gas industry receives the same tax benefits as other capital-intensive industries. The provision in the IRA prevents oil and gas companies from receiving tax deductions on intangible drilling costs (IDC), resulting in higher taxes for the industry. The bill represents a bipartisan effort to address the issue and could potentially be included in a broader tax package.