To amend the Internal Revenue Code of 1986 to decrease the class life for petroleum refinery property placed in service to comply with petroleum product specifications as promulgated by rule by the Administrator of Environmental Protection Agency under, and to provide compliance with refinery site, terminal, and other infrastructure air emissions requirements under, the Clean Air Act.

H.R. 2741 is a legislative proposal designed to provide tax incentives for petroleum refineries to upgrade their facilities to meet federal environmental standards. The bill would allow refineries to deduct the costs of equipment and infrastructure improvements more quickly—over a five-year period rather than the standard longer duration—if those upgrades are required to comply with Clean Air Act emissions rules or Environmental Protection Agency fuel specifications. For citizens, this measure aims to encourage the production of cleaner-burning fuels and the reduction of air pollutants at refinery sites by lowering the immediate financial burden on companies making these environmental transitions.