Washington, D.C. – Congressman Michael C. Burgess, M.D. (R-TX), a member of the House Rules Committee and Republican Leader of the House Energy and Commerce Subcommittee on Health, introduced today the SAVE Jobs Act to help provide relief to America’s energy industry and save American jobs caused by the pandemic’s economic downturn.
“This pandemic has affected more than Americans’ health,” said Burgess. “America’s energy independence and position of global leadership in energy is being threatened by COVID-19. This legislation will help energy producers continue to pay their workers and invest in the future by removing barriers placed by the federal government.”
Background:
The Save American Vital Energy (SAVE) Jobs Act includes seven provisions that reduce the burden of federal taxes and regulations on domestic energy production; every provision would expire within a year of enactment. Listed below are the seven provisions of the bill.
Tax:
Sec 1 – Extends 45Q tax credit for CCUS projects
Sec 2 – Suspends the capitalization rules for certain inventory costs
Sec 3 – Deposit relief for certain excise fuel taxes
Sec 4 – Increases the intangible drilling costs deduction
Regulatory:
Sec 5 – Lease extensions on federal lands
Sec 6 – Royalty relief for producers on federal lands and in federal waters
