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HR 4242 111th Congress House Taxation Business investment and capital Income tax credits Income tax deductions Oil and gas

To amend the Internal Revenue Code of 1986 to provide incentives for used oil re-refining, and for other purposes.

Introduced: December 8, 2009 Introduced by: Moran, Jerry Republican · Kansas See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 8, 2009
Referred to the House Committee on Ways and Means.
Dec 8, 2009
Introduced in House
 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to: (1) expand the definition of "qualified refinery" for purposes of the taxpayer election to expense the costs of refinery property to include refineries for processing non-virgin lube oil from used, refined products (including used lube oil originally derived from crude oil or qualified fuels); (2) extend through 2016 the expensing allowance with respect to such refineries; and (3) allow a business-related tax credit for the production of qualified re-refined lubricating oil.

What's happening now December 8, 2009

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1