,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #djda  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #bc1 #bjbj,mr4   
,cornyn 7= himself1 ,mr4 ,b>rasso1 ,mr4 
,cram]1 ,ms4 ,murk[ski1 ,mr4 ,inh(e1    
,mrs4 ,hyde-,smi?1 ,mr4 ,cassidy1 ,mr4  
,lank=d1 ,mrs4 ,capito1 ,mr4 ,wick]1 &  
,mr4 ,k5n$y7 introduc$ ! foll[+ bill2   
:i* 0 read twice & ref]r$ to !          
,committee on ,f9ance  ,a ,,bill  ,to   
assi/ ! ,am]ican en]gy sector 9 reta9+  
jobs dur+ *all5g+ economic times4  #a4  
,%ort title ,?is ,act may be cit$ z !   
,save ,am]ican ,vital ,en]gy ,jobs ,act 
or ! ,,save ,jobs ,act4  #b4 ,ext5sion (
 p]iod to beg9 con/ruction ( qualifi$   
facilities = c>bon oxide seque/ration   
cr$it ,section #de,q7d77#a7 ( ! ,int]nal
 ,rev5ue ,code ( #aihf is am5d$ by /rik+
 ,janu>y #a1 #bjbd & ins]t+ ,janu>y #a1 
#bjbe4  #c4 ,tempor>y susp5sion ( rules 
= capitalization & inclusion 9 inv5tory 
co/s ( c]ta9 exp5ses = specifi$ entities
  7a7 ,9 g5]al ,section #bfc;,a7a7 ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 

by add+ at ! end ! foll[+3  7#c7        
,tempor>y relief = specifi$ entities    
7,a7 ,9 g5]al ,9 ! case ( any taxpay]   
:i* is assign$ ,nor? ,am]ican ,indu/ry  
,classification ,sy/em code #bacaaa1 at 
! election ( su* taxpay]1 ?is section   
%all n apply ) respect to any co/s paid 
or incurr$ by su* taxpay] :i* are       
describ$ 9 p>agraph 7#b74  7,b7         
,t]m9ation ,?is p>agraph %all n apply to
 co/s paid or incurr$ aft] ,decemb] #ca1
 #bjbj4  4  7b7 ,effective date ,!      
am5dm5t made by ?is section %all apply  
to co/s paid or incurr$ aft] ,decemb]   
#ca1 #bjai4  #d4 ,r$uction ( deposit    
requir$ = c]ta9 excise taxes  7a7 ,9    
g5]al ,if any p]son is requir$ "u       
section #fcjb ( ! ,int]nal ,rev5ue ,code
 ( #aihf to make any deposit ( taxes    
impos$ "u "p ,,iii ( sub*apt] ,a ( *apt]
 #cb ( su* ,code :i* is due aft] ! date 
( enactm5t ( ?is ,act & be=e ,janu>y #a1
 #bjba1 su* p]son %all be requir$ to    
make su* deposit 9 an am\nt :i* is equal
 to #be p]c5t ( ! am\nt :i* w\ld o!rwise

 be requir$ "u section #fcjb ( su* ,code
 ) respect to su* taxes 7z det]m9$ )\t  
reg>d to ?is subsection74  7b7 ,transf]s
 to tru/ funds ,= purposes ( any        
appropriation requir$ to be made to any 
tru/ fund "u sub*apt] ,a ( *apt] #ih ( !
 ,int]nal ,rev5ue ,code ( #aihf :i* is  
bas$ on ! am\nt ( any taxes receiv$ 9 ! 
,treasury "u "p ,,iii ( sub*apt] ,a (   
*apt] #cb ( su* ,code1 su* am\nt %all be
 det]m9$ z if subsection 7a7 did n      
apply4  #e4 ,tempor>y relief = d$uctions
 relat$ to intangible drill+ co/s       
,section #bia7;b7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ new p>agraph3  7#f7 ,tempor>y  
relief = d$uctions relat$ to intangible 
drill+ co/s ,at ! election ( ! taxpay]1 
subp>agraph 7,a7 ( p>agraph 7#a7 %all n 
apply ) respect to co/s paid or incurr$ 
aft] ,decemb] #ca1 #bjai1 & be=e ,janu>y
 #a1 #bjba4  4  #f4 ,au?ority to ext5d &
 susp5d production & op]ations "u on%ore
 & (f%ore leases  7a7 ,9 g5]al ,not)/&+ 
any o!r provision ( law & subject to    

subsection 7b71 ) respect to a lease    
held "u ! ,m9]al ,leas+ ,act 7#cj       
,u4,s4,c4 #aha et seq471 ! ,naval       
,petroleum ,res]ves ,production ,act (  
#aigf 7#db ,u4,s4,c4 #feja et seq471 or 
! ,out] ,cont95tal ,%elf ,l&s ,act 7#dc 
,u4,s4,c4 #acca et seq471 on ! reque/ ( 
! leasehold]1 ! ,secret>y ( ! ,int]ior  
7ref]r$ to 9 ?is section z ! ,secret>y7 
%all grant-- 7#a7 an ext5sion ( ! prim>y
 t]m ( ! lease2  7#b7 a susp5sion (     
production "u ! lease2 or  7#c7 a       
susp5sion ( op]ations "u ! lease4  7b7  
,requirem5t ,an ext5sion or susp5sion   
grant$ "u subsection 7a7 %all only be   
effective if ! ,secret>y grants !       
ext5sion or susp5sion dur+ ! p]iod ( !  
national em]g5cy decl>$ by ! ,presid5t  
"u ! ,national ,em]g5cies ,act 7#ej     
,u4,s4,c4 #afja et seq47 ) respect to ! 
,coronavirus ,disease #bjai             
7,,covid-#ai74  7c7 ,adm9i/ration ,a    
leasehold] desir+ an ext5sion or        
susp5sion "u subsection 7a7-- 7#a7 %all 
n be requir$ to submit an application2 b

  7#b7 %all submit to ! ,secret>y a li/ 
( leases = :i* ! leasehold] is reque/+  
an ext5sion or susp5sion4  7d7 ,duration
  7#a7 ,9 g5]al ,subject to p>agraph    
7#b71 ! ,secret>y %all det]m9e !        
duration ( an ext5sion or susp5sion     
grant$ "u subsection 7a74  7#b7         
,requirem5t ,! duration ( an ext5sion or
 susp5sion det]m9$ by ! ,secret>y "u    
p>agraph 7#a7 %all be at lea/ #a ye>1   
unless ! leasehold] reque/s a %ort]     
duration4  #g4 ,royalty r$uction =      
on%ore & (f%ore leases  7a7 ,9 g5]al    
,not)/&+ any o!r provision ( law &      
subject to subsection 7c71 ! ,secret>y (
 ! ,int]ior 7ref]r$ to 9 ?is section z !
 ,secret>y7 %all r$uce ! royalty rate = 
paym5ts due & payable to ! ,unit$ ,/ates
 f oil1 gas1 m9]als1 coal1 or trona     
produc$ "u a lease held "u ! ,m9]al     
,leas+ ,act 7#cj ,u4,s4,c4 #aha et      
seq471 ! ,naval ,petroleum ,res]ves     
,production ,act ( #aigf 7#db ,u4,s4,c4 
#feja et seq471 or ! ,out] ,cont95tal   
,%elf ,l&s ,act 7#dc ,u4,s4,c4 #acca et 

seq47 = a p]iod ( n m ?an #ahj days4    
7b7 ,ext5sion ,! ,secret>y may grant an 
ext5sion ( ! #ahj-;day p]iod describ$ 9 
subsection 7a7 if det]m9$ appropriate by
 ! ,secret>y4  7c7 ,requirem5t ,a       
royalty r$uction grant$ "u subsection   
7a7 %all only be effective if !         
,secret>y grants ! royalty r$uction dur+
 ! p]iod ( ! national em]g5cy decl>$ by 
! ,presid5t "u ! ,national ,em]g5cies   
,act 7#ej ,u4,s4,c4 #afja et seq47 )    
respect to ! ,coronavirus ,disease #bjai
 7,,covid-#ai74  #h4 ,delay$            
implem5tation ( valuation ,! ,secret>y (
 ! ,int]ior %all delay ! effective date 
by :i* compliance is requir$ ) ! f9al   
rule entitl$ ,consolidat$ ,f$]al ,oil   
,gas & ,f$]al  ,indian ,coal ,valuation 
,re=m 7#ha ,f$4 ,reg4 #dccch 7,july #a1 
#bjaf77 until ,july #a1 #bjbb4