H.R.4242 - To amend the Internal Revenue Code of 1986 to provide incentives for used oil re-refining, and for other purposes.

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

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
12/07/09
 
 
 
 
 
 
 

Sponsor

Senator

Jerry Moran

R-KS

No Co-Sponsors

Official Summary

12/8/2009--Introduced.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 (inclu

Official Summary

12/8/2009--Introduced.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.

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Recent Blog Coverage

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09/16/10
Bill Action: Introduced: HR 4242: To amend the Internal Revenue ...

14 Nov 2007

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09/15/10
General Explanation of the Economic Recovery Tax Act of 1981 (HR ...

General Explanation of the Economic Recovery Tax Act of 1981 (HR 4242, 97th Congress, Public Law 97-34). Publisher: Englewood Cliffs, NJ: Prentice-Hall; West Nyack, NY: Order from Prentice-Hall, Loose-Leaf Services Div. ...

Source: Deal Tack!
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07/19/10
CRS: Estate Tax Legislation in 111th Congress

Section 4 of HR 436 is identical to Section 4 of HR 4242, as introduced by Representative Pomeroy in the 110 Congress. HR 436 would change the valuation rules for certain transfers of non-business assets and family-controlled entities. ...

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