FIRST ON FOX: A large bipartisan coalition in the House is introducing legislation Friday that would reverse a provision in the Inflation Reduction Act (IRA) targeting oil and gas producers.
The Promoting Domestic Energy Production Act — authored by Reps. Mike Carey, R-Ohio, and Vicente Gonzalez, D-Texas, and joined by more than a dozen fellow members — would aim to ensure the oil and gas industry is able to enjoy the same tax benefits as other capital-intensive industries. Specifically, it allows companies to receive tax deductions on intangible drilling costs (IDC).
“American energy independence is neither a right nor left issue, but one that should unite us all,” Carey told Fox News Digital in a statement. “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,” the Ohio…