,i #aafth ,,congress #b;d ,session ,h4 ,r4 #gegi ,,in ,,the ,,house ,,of ,,representatives ,july #ac1 #bjbj,mr4 ,burgess 7for himself1 ,mr4 ,flores1 ,mr4 ,carter of ,texas1 ,mr4 ,conaway1 ,mr4 ,crenshaw1 and ,mr4 ,bishop of ,utah7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means1 and in addition to the ,committee on ,natural ,resources1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to assist the ,american energy sector in retaining jobs during challenging economic times4 #a4 ,short title ,this ,act may be cited as the ,save ,american ,vital ,energy ,jobs ,act or the ,,save ,jobs ,act4 #b4 ,extension of period to begin construction of qualified facilities for carbon oxide sequestration credit ,section #de,q7d77#a7 of the ,internal ,revenue ,code of #aihf is amended by striking ,january #a1 #bjbd and inserting ,january #a1 #bjbe4 #c4 ,temporary suspension of rules for capitalization and inclusion in inventory costs of certain expenses for specified entities 7a7 ,in general ,section #bfc;,a7a7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following3 7#c7 ,temporary relief for specified entities 7,a7 ,in general ,in the case of any taxpayer which is assigned ,north ,american ,industry ,classification ,system code #bacaaa1 at the election of such taxpayer1 this section shall not apply with respect to any costs paid or incurred by such taxpayer which are described in paragraph 7#b74 7,b7 ,termination ,this paragraph shall not apply to costs paid or incurred after ,december #ca1 #bjbj4 4 7b7 ,effective date ,the amendment made by this section shall apply to costs paid or incurred after ,december #ca1 #bjai4 #d4 ,reduction of deposit required for certain excise taxes 7a7 ,in general ,if any person is required under section #fcjb of the ,internal ,revenue ,code of #aihf to make any deposit of taxes imposed under part ,,iii of subchapter ,a of chapter #cb of such ,code which is due after the date of enactment of this ,act and before ,january #a1 #bjba1 such person shall be required to make such deposit in an amount which is equal to #be percent of the amount which would otherwise be required under section #fcjb of such ,code with respect to such taxes 7as determined without regard to this subsection74 7b7 ,transfers to trust funds ,for purposes of any appropriation required to be made to any trust fund under subchapter ,a of chapter #ih of the ,internal ,revenue ,code of #aihf which is based on the amount of any taxes received in the ,treasury under part ,,iii of subchapter ,a of chapter #cb of such ,code1 such amount shall be determined as if subsection 7a7 did not apply4 #e4 ,temporary relief for deductions related to intangible drilling costs ,section #bia7;b7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new paragraph3 7#f7 ,temporary relief for deductions related to intangible drilling costs ,at the election of the taxpayer1 subparagraph 7,a7 of paragraph 7#a7 shall not apply with respect to costs paid or incurred after ,december #ca1 #bjai1 and before ,january #a1 #bjba4 4 #f4 ,authority to extend and suspend production and operations under onshore and offshore leases 7a7 ,in general ,notwithstanding any other provision of law and subject to subsection 7b71 with respect to a lease held under the ,mineral ,leasing ,act 7#cj ,u4,s4,c4 #aha et seq471 the ,naval ,petroleum ,reserves ,production ,act of #aigf 7#db ,u4,s4,c4 #feja et seq471 or the ,outer ,continental ,shelf ,lands ,act 7#dc ,u4,s4,c4 #acca et seq471 on the request of the leaseholder1 the ,secretary of the ,interior 7referred to in this section as the ,secretary7 shall grant-- 7#a7 an extension of the primary term of the lease2 7#b7 a suspension of production under the lease2 or 7#c7 a suspension of operations under the lease4 7b7 ,requirement ,an extension or suspension granted under subsection 7a7 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 7#ej ,u4,s4,c4 #afja et seq47 with respect to the ,coronavirus ,disease #bjai 7,,covid-#ai74 7c7 ,administration ,a leaseholder desiring an extension or suspension under subsection 7a7-- 7#a7 shall not be required to submit an application2 but 7#b7 shall submit to the ,secretary a list of leases for which the leaseholder is requesting an extension or suspension4 7d7 ,duration 7#a7 ,in general ,subject to paragraph 7#b71 the ,secretary shall determine the duration of an extension or suspension granted under subsection 7a74 7#b7 ,requirement ,the duration of an extension or suspension determined by the ,secretary under paragraph 7#a7 shall be at least #a year1 unless the leaseholder requests a shorter duration4 #g4 ,royalty reduction for onshore and offshore leases 7a7 ,in general ,notwithstanding any other provision of law and subject to subsection 7c71 the ,secretary of the ,interior 7referred to in this section as the ,secretary7 shall reduce the royalty rate for payments due and payable to the ,united ,states from oil1 gas1 minerals1 coal1 or trona produced under a lease held under the ,mineral ,leasing ,act 7#cj ,u4,s4,c4 #aha et seq471 the ,naval ,petroleum ,reserves ,production ,act of #aigf 7#db ,u4,s4,c4 #feja et seq471 or the ,outer ,continental ,shelf ,lands ,act 7#dc ,u4,s4,c4 #acca et seq47 for a period of not more than #ahj days4 7b7 ,extension ,the ,secretary may grant an extension of the #ahj-;day period described in subsection 7a7 if determined appropriate by the ,secretary4 7c7 ,requirement ,a royalty reduction granted under subsection 7a7 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 7#ej ,u4,s4,c4 #afja et seq47 with respect to the ,coronavirus ,disease #bjai 7,,covid-#ai74 #h4 ,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 7#ha ,fed4 ,reg4 #dccch 7,july #a1 #bjaf77 until ,july #a1 #bjbb4