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

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Plain-English summary Congressional Research Service

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 July 13, 2020

Related & companion bills 1

Bill text 1 version

Introduced in House Formatted Text PDF Formatted XML

Source documents hosted by congress.gov.

Committees of jurisdiction 3

Natural Resources Committee
House of Representatives
Tax Subcommittee
House of Representatives · subcommittee of Ways and Means Committee
Ways and Means Committee
House of Representatives