S. 4041 · 116th Congress
SAVE Jobs Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
CornynSponsor11 cosponsors · 11 R
R
Barrasso
SC
R
Capito
BC
R
Cassidy
KC
R
Cramer
CH
R
Hyde-Smith
JI
R
Inhofe
JK
R
Kennedy
JL
R
Lankford
LM
R
Murkowski
RW
R
Wicker
DS
R
Sullivan10 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · Jun 23, 2020
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: SAVE Jobs Act
Also known as: Save American Vital Energy Jobs Act
Latest action (Jun 23, 2020): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jun 23, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.