SAVE Jobs Act 2020-06-23 Introduced in Senate 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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