H.R. 662 — Promoting Domestic Energy Production Act

This section modifies the adjustment for intangible drilling and development costs (IDCs) in computing adjusted financial statement income under the corporate alternative minimum tax (CAMT). Specifically, it (1) requires a reduction for depreciation deductions allowed under section 167 with respect to section 168 property and for IDC deductions allowed under section 263(c), in each case to the extent allowed in computing taxable income, and (2) directs disregard of applicable financial statement depreciation expense for such property and depletion expense for such IDCs. The changes apply to taxable years beginning after December 31, 2025.