S. 1039 · 109th Congress
Gas Price Reduction Through Increased Refinery Capacity Act of 2005
- Stage
- In committee
- Sponsor
- Orrin Hatch
- Introduced
- 2005-05-16
- Latest action
- 2005-05-16 · Introduced in Senate
Summary
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.