SAVE Jobs Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Jul 13, 2020)
Save American Vital Energy Jobs Act or the SAVE Jobs Act
This bill extends energy-related tax provisions and expands incentives for job creation in the energy sector during the COVID-19 (i.e., coronavirus disease 2019) emergency period.
Specifically, the bill
- extends for one year the construction period for carbon oxide sequestration facilities for purposes of the tax credit,
- suspends capitalization rules in 2020 to permit immediate expensing of certain inventory costs,
- reduces the required deposit of certain motor fuel excise taxes from 95% to 25%,
- allows expensing of intangible drilling costs in 2020,
- permits extensions and suspensions of production and operations under onshore and offshore leases during the COVID-19 emergency period,
- requires a royalty rate reduction during the COVID-19 emergency period for a maximum 180-day period, and
- requires the Department of the Interior to delay until July 1, 2022, the effective date for compliance with the 2016 final rule titled Consolidated Federal Oil & Gas and Federal & Indian Coal Valuation Reform.
What just happenedJul 13, 2020
Referred to the Committee on Ways and Means, and in addition to the Committee on Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Who’s behind it
- Introduced in HouseJul 13, 2020
- Jul 13, 2020IntroReferralH11100
Referred to the Committee on Ways and Means, and in addition to the Committee on Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Natural Resources Committee - Jul 13, 2020IntroReferralH11100
Referred to the Committee on Ways and Means, and in addition to the Committee on Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Ways and Means Committee - Jul 13, 2020Committee
Referred to the Subcommittee on Select Revenue Measures.
Tax Subcommittee - Jul 13, 2020IntroReferralIntro-H
Introduced in House
- Jul 13, 2020IntroReferral1000
Introduced in House