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.

Bill 119 hr 662, also known as the Intangible Drilling and Development Costs (IDC) Act, aims to make changes to the Internal Revenue Code of 1986. Specifically, this bill seeks to allow intangible drilling and development costs to be factored in when calculating adjusted financial statement income.

Intangible drilling and development costs refer to expenses incurred during the process of exploring for and developing oil and gas reserves. These costs are typically associated with activities such as labor, materials, and equipment used in drilling operations.

By allowing these costs to be taken into account when computing adjusted financial statement income, the bill aims to provide tax relief to companies involved in oil and gas exploration and development. This could potentially incentivize investment in these industries and spur economic growth. Overall, the IDC Act is designed to streamline the tax process for companies in the oil and gas sector and make it easier for them to accurately report their financial information. It is important to note that this bill is non-partisan and focuses solely on making technical changes to the tax code.