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
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7579 Introduced in House (IH)]
<DOC>
116th CONGRESS
2d Session
H. R. 7579
To assist the American energy sector in retaining jobs during
challenging economic times.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 13, 2020
Mr. Burgess (for himself, Mr. Flores, Mr. Carter of Texas, Mr. Conaway,
Mr. Crenshaw, and Mr. Bishop of Utah) introduced the following bill;
which was 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
_______________________________________________________________________
A BILL
To assist the American energy sector in retaining jobs during
challenging economic times.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Save American Vital Energy Jobs
Act'' or the ``SAVE Jobs Act''.
SEC. 2. EXTENSION OF PERIOD TO BEGIN CONSTRUCTION OF QUALIFIED
FACILITIES FOR CARBON OXIDE SEQUESTRATION CREDIT.
Section 45Q(d)(1) of the Internal Revenue Code of 1986 is amended
by striking ``January 1, 2024'' and inserting ``January 1, 2025''.
SEC. 3. TEMPORARY SUSPENSION OF RULES FOR CAPITALIZATION AND INCLUSION
IN INVENTORY COSTS OF CERTAIN EXPENSES FOR SPECIFIED
ENTITIES.
(a) In General.--Section 263A(a) of the Internal Revenue Code of
1986 is amended by adding at the end the following:
``(3) Temporary relief for specified entities.--
``(A) In general.--In the case of any taxpayer
which is assigned North American Industry
Classification System code 213111, at the election of
such taxpayer, this section shall not apply with
respect to any costs paid or incurred by such taxpayer
which are described in paragraph (2).
``(B) Termination.--This paragraph shall not apply
to costs paid or incurred after December 31, 2020.''.
(b) Effective Date.--The amendment made by this section shall apply
to costs paid or incurred after December 31, 2019.
SEC. 4. REDUCTION OF DEPOSIT REQUIRED FOR CERTAIN EXCISE TAXES.
(a) In General.--If any person is required under section 6302 of
the Internal Revenue Code of 1986 to make any deposit of taxes imposed
under part III of subchapter A of chapter 32 of such Code which is due
after the date of enactment of this Act and before January 1, 2021,
such person shall be required to make such deposit in an amount which
is equal to 25 percent of the amount which would otherwise be required
under section 6302 of such Code with respect to such taxes (as
determined without regard to this subsection).
(b) Transfers to Trust Funds.--For purposes of any appropriation
required to be made to any trust fund under subchapter A of chapter 98
of the Internal Revenue Code of 1986 which is based on the amount of
any taxes received in the Treasury under part III of subchapter A of
chapter 32 of such Code, such amount shall be determined as if
subsection (a) did not apply.
SEC. 5. TEMPORARY RELIEF FOR DEDUCTIONS RELATED TO INTANGIBLE DRILLING
COSTS.
Section 291(b) of the Internal Revenue Code of 1986 is amended by
adding at the end the following new paragraph:
``(6) Temporary relief for deductions related to intangible
drilling costs.--At the election of the taxpayer, subparagraph
(A) of paragraph (1) shall not apply with respect to costs paid
or incurred after December 31, 2019, and before January 1,
2021.''.
SEC. 6. AUTHORITY TO EXTEND AND SUSPEND PRODUCTION AND OPERATIONS UNDER
ONSHORE AND OFFSHORE LEASES.
(a) In General.--Notwithstanding any other provision of law and
subject to subsection (b), with respect to a lease held under the
Mineral Leasing Act (30 U.S.C. 181 et seq.), the Naval Petroleum
Reserves Production Act of 1976 (42 U.S.C. 6501 et seq.), or the Outer
Continental Shelf Lands Act (43 U.S.C. 1331 et seq.), on the request of
the leaseholder, the Secretary of the Interior (referred to in this
section as the ``Secretary'') shall grant--
(1) an extension of the primary term of the lease;
(2) a suspension of production under the lease; or
(3) a suspension of operations under the lease.
(b) Requirement.--An extension or suspension granted under
subsection (a) shall only be effective if the Secretary grants the
extension or suspension during the period of the national emergency
declared by the President under the National Emergencies Act (50 U.S.C.
1601 et seq.) with respect to the Coronavirus Disease 2019 (COVID-19).
(c) Administration.--A leaseholder desiring an extension or
suspension under subsection (a)--
(1) shall not be required to submit an application; but
(2) shall submit to the Secretary a list of leases for
which the leaseholder is requesting an extension or suspension.
(d) Duration.--
(1) In general.--Subject to paragraph (2), the Secretary
shall determine the duration of an extension or suspension
granted under subsection (a).
(2) Requirement.--The duration of an extension or
suspension determined by the Secretary under paragraph (1)
shall be at least 1 year, unless the leaseholder requests a
shorter duration.
SEC. 7. ROYALTY REDUCTION FOR ONSHORE AND OFFSHORE LEASES.
(a) In General.--Notwithstanding any other provision of law and
subject to subsection (c), the Secretary of the Interior (referred to
in this section as the ``Secretary'') shall reduce the royalty rate for
payments due and payable to the United States from oil, gas, minerals,
coal, or trona produced under a lease held under the Mineral Leasing
Act (30 U.S.C. 181 et seq.), the Naval Petroleum Reserves Production
Act of 1976 (42 U.S.C. 6501 et seq.), or the Outer Continental Shelf
Lands Act (43 U.S.C. 1331 et seq.) for a period of not more than 180
days.
(b) Extension.--The Secretary may grant an extension of the 180-day
period described in subsection (a) if determined appropriate by the
Secretary.
(c) Requirement.--A royalty reduction granted under subsection (a)
shall only be effective if the Secretary grants the royalty reduction
during the period of the national emergency declared by the President
under the National Emergencies Act (50 U.S.C. 1601 et seq.) with
respect to the Coronavirus Disease 2019 (COVID-19).
SEC. 8. DELAYED IMPLEMENTATION OF VALUATION.
The Secretary of the Interior shall delay the effective date by
which compliance is required with the final rule entitled
``Consolidated Federal Oil & Gas and Federal & Indian Coal Valuation
Reform'' (81 Fed. Reg. 43338 (July 1, 2016)) until July 1, 2022.
<all>
Introduced in House
Introduced in House
Referred to the Subcommittee on Select Revenue Measures.
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.
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.
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