Senate Bill 4041
116th Congress(2019-2020)
SAVE Jobs Act
Introduced
Introduced in Senate on Jun 23, 2020
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
4041
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
No Senate votes have been held for this bill.
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.
June 23, 2020
06/23/2020
Read twice and referred to the Committee on Finance.
06/23/2020
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:46:10 PM