US Congress House Bill 4242 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on December 8 2009 - 25% progression, died in committee
Action: 2009-12-08 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Amends the Internal Revenue Code to: (1) expand the definition of "qualified refinery" for purposes of the taxpayer election to expense the costs of refinery property to include refineries for processing non-virgin lube oil from used, refined products (including used lube oil originally derived from crude oil or qualified fuels); (2) extend through 2016 the expensing allowance with respect to such refineries; and (3) allow a business-related tax credit for the production of qualified re-refined lubricating oil.

To amend the Internal Revenue Code of 1986 to provide incentives for used oil re-refining, and for other purposes.

Sen. Jerry Moran [R-KS]

Date	Chamber	Action
2009-12-08		Referred to the House Committee on Ways and Means.

SB2783 (Same As) 2009-11-17 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/house-bill/4242/all-info
Text	https://www.congress.gov/111/bills/hr4242/BILLS-111hr4242ih.pdf