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[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4041 Introduced in Senate (IS)]

<DOC>

116th CONGRESS
  2d Session
                                S. 4041

     To assist the American energy sector in retaining jobs during 
                      challenging economic times.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             June 23, 2020

 Mr. Cornyn (for himself, Mr. Barrasso, Mr. Cramer, Ms. Murkowski, Mr. 
 Inhofe, Mrs. Hyde-Smith, Mr. Cassidy, Mr. Lankford, Mrs. Capito, Mr. 
Wicker, and Mr. Kennedy) introduced the following bill; which was read 
             twice and referred to the Committee on Finance

_______________________________________________________________________

                                 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>
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