HR 7579
116th Congress
House
Taxation
Air quality
Appropriations
Business expenses
Cardiovascular and respiratory health
Climate change and greenhouse gases
Coal
Emergency medical services and trauma care
Energy revenues and royalties
Government trust funds
Income tax credits
Income tax deductions
Indian lands and resources rights
Industrial facilities
Infectious and parasitic diseases
Manufacturing
Marine and coastal resources, fisheries
Mining
Oil and gas
Sales and excise taxes
SAVE Jobs Act
Introduced: July 13, 2020
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 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.
Jul 13, 2020
Referred to the Subcommittee on Select Revenue Measures.
Jul 13, 2020
Introduced in House
Plain-English summary
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's happening now
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.
Committees of jurisdiction
3