A bill to amend the Internal Revenue Code of 1986 to modify the treatment of depreciation of refinery property.
Gas Price Reduction Through Increased Refinery Capacity Act of 2005 - Amends the Internal Revenue Code to allow taxpayers to elect to expense (i.e., deduct in the current taxable year) the cost of qualified refinery property placed in service before January 1, 2012, or under a binding construction contract before January 1, 2008. Requires that such refinery meet specified production levels and comply with all applicable environmental laws
Classifies petroleum refining property as five-year property for depreciation purposes.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S5224-5225)
Read twice and referred to the Committee on Finance.
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