US Congress House Bill 7579 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 14-0)
Status: Introduced on July 13 2020 - 25% progression, died in committee
Action: 2020-07-13 - 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.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

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.

SAVE Jobs Act Save American Vital Energy Jobs Act

Rep. Michael Burgess [R-TX]	Rep. Bill Flores [R-TX]	Rep. John Carter [R-TX]	Rep. Michael Conaway [R-TX]
Rep. Dan Crenshaw [R-TX]	Rep. Rob Bishop [R-UT]	Rep. Troy Balderson [R-OH]	Rep. Gregory Pence [R-IN]
Sen. Roger Marshall [R-KS]	Rep. Pete Olson [R-TX]	Rep. Chris Stewart [R-UT]	Rep. Eric Crawford [R-AR]
Rep. Dan Newhouse [R-WA]	Rep. Liz Cheney [R-WY]

Date	Chamber	Action
2020-07-13	House	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.
2020-07-13	House	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.
2020-07-13	House	Referred to the Subcommittee on Select Revenue Measures.
2020-07-13	House	Introduced in House

SB4041 (Same As) 2020-06-23 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/7579/all-info
Text	https://www.congress.gov/116/bills/hr7579/BILLS-116hr7579ih.pdf