SAVE Jobs Act

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.