SAVE Jobs Act

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.

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Timeline

1. 13 July 2020

   Introduced

   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.

   Source: IntroReferral

2. 13 July 2020

   Referred

   Referred to the Subcommittee on Select Revenue Measures.

   Source: Committee

3. 13 July 2020

   Introduced

   Introduced in House

   Source: IntroReferral

4. 13 July 2020

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 13 July 2020 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 13 July 2020

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 13 July 2020

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 13 July 2020

  Open at official source

Sponsors

• Michael Burgess · R · Sponsor
• Bill Flores · R · Sponsor
• John Carter · R · Sponsor
• K. Conaway · R · Sponsor
• Dan Crenshaw · R · Sponsor
• Rob Bishop · R · Sponsor
• Troy Balderson · R · Cosponsor
• Greg Pence · R · Cosponsor
• Roger Marshall · R · Cosponsor
• Pete Olson · R · Cosponsor
• Chris Stewart · R · Cosponsor
• Eric Crawford · R · Cosponsor
• Dan Newhouse · R · Cosponsor
• Liz Cheney · R · Cosponsor
• · hsii00 · Standing
• · hswm00 · Standing

Related records

• related to → SAVE Jobs Act