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U.S. Rep. Vicente Gonzalez, whose district includes Cameron, Kenedy, Kleberg, and Willacy counties and eastern Hidalgo County, and U.S. Rep. Mike Carey introduced H.R. 5073, the Promoting Domestic Energy Production Act.
The act aims to increase the country’s energy independence while allowing energy companies to consider intangible drilling costs when calculating their income for tax purposes, just as other industries utilize similar deductions.
“Our country must be ready to face the energy challenges of the next few decades,” Gonzalez stated. “This commonsense bipartisan bill promotes our nation’s domestic energy production capabilities, ensuring we keep and create American jobs, lower energy prices and decrease our dependence on foreign energy sources.”
“American energy independence is neither a right nor left issue, but one that should unite us all,” Carey stated. “Our bipartisan legislation fixes a provision within the Inflation Reduction Act that unfairly penalizes America’s energy producers. At a time of sky-high inflation, the American people need any help they can get when it comes to lowering the cost of energy.”
