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Promoting Domestic Energy Production Act

3/8/2024, 3:53 PM

Summary of Bill S 3381

Bill 118 s 3381, also known as the Promoting Domestic Energy Production Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to promote and support domestic energy production within the United States.

The bill includes provisions that aim to streamline the permitting process for energy production projects on federal lands. This would make it easier for companies to obtain the necessary approvals to start drilling for oil, mining for coal, or building renewable energy facilities on federal land.

Additionally, the bill seeks to increase access to energy resources by opening up more federal lands and waters for energy exploration and production. This could potentially lead to an increase in domestic energy production and reduce the country's reliance on foreign sources of energy. Supporters of the bill argue that it will create jobs, boost the economy, and increase energy security for the United States. However, critics are concerned about the potential environmental impacts of increased energy production on federal lands. Overall, the Promoting Domestic Energy Production Act is a controversial piece of legislation that aims to promote domestic energy production in the United States. It will be interesting to see how this bill progresses through Congress and what impact it may have on the country's energy industry.

Current Status of Bill S 3381

Bill S 3381 is currently in the status of Bill Introduced since November 30, 2023. Bill S 3381 was introduced during Congress 118 and was introduced to the Senate on November 30, 2023.  Bill S 3381's most recent activity was Read twice and referred to the Committee on Finance. as of November 30, 2023

Bipartisan Support of Bill S 3381

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
10
Democrat Cosponsors
0
Republican Cosponsors
10
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 3381

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 3381

Promoting Domestic Energy Production Act
Promoting Domestic Energy Production Act
A bill 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.
A bill 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.

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