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 in-
serting ‘‘January 1, 2025’’. 
SEC. 3. TEMPORARY SUSPENSION OF RULES FOR CAPITAL-
IZATION 
AND 
INCLUSION 
IN 
INVENTORY 
COSTS OF CERTAIN EXPENSES FOR SPECI-
FIED 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 ENTI-
TIES.— 
‘‘(A) IN
GENERAL.—In the case of any 
taxpayer which is assigned North American In-
dustry Classification System code 213111, at 
the election of such taxpayer, this section shall 
not apply with respect to any costs paid or in-
curred 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.’’. 
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(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to costs paid or incurred after De-
cember 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 sub-
chapter 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 with-
out 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 deter-
mined as if subsection (a) did not apply. 
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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 para-
graph: 
‘‘(6) TEMPORARY RELIEF FOR DEDUCTIONS RE-
LATED TO INTANGIBLE DRILLING COSTS.—At the 
election of the taxpayer, subparagraph (A) of para-
graph (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 PRODUC-
TION AND OPERATIONS UNDER ONSHORE 
AND OFFSHORE LEASES. 
(a) IN GENERAL.—Notwithstanding any other provi-
sion 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 Conti-
nental 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; 
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(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 ex-
tension or suspension under subsection (a)— 
(1) shall not be required to submit an applica-
tion; 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 ex-
tension or suspension granted under subsection (a). 
(2) REQUIREMENT.—The duration of an exten-
sion or suspension determined by the Secretary 
under paragraph (1) shall be at least 1 year, unless 
the leaseholder requests a shorter duration. 
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SEC. 7. ROYALTY REDUCTION FOR ONSHORE AND OFF-
SHORE LEASES. 
(a) IN GENERAL.—Notwithstanding any other provi-
sion of law and subject to subsection (c), the Secretary 
of the Interior (referred to in this section as the ‘‘Sec-
retary’’) 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 Min-
eral Leasing Act (30 U.S.C. 181 et seq.), the Naval Petro-
leum 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 exten-
sion 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 na-
tional emergency declared by the President under the Na-
tional Emergencies Act (50 U.S.C. 1601 et seq.) with re-
spect 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 & 
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Indian Coal Valuation Reform’’ (81 Fed. Reg. 43338 
(July 1, 2016)) until July 1, 2022. 
Æ 
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