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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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 23 June 2020

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 23 June 2020

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• Introduced in Senate

  summary · EN · 23 June 2020

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