S 4041 116th Congress Senate 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: June 23, 2020 Introduced by: Cornyn, John Republican · Texas See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jun 23, 2020

Read twice and referred to the Committee on Finance.

Jun 23, 2020

Introduced in Senate

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.