Refinery Expansion Act of 2005

The Refinery Expansion Act of 2005 (H.R. 3924) proposes changes to the tax code designed to encourage the expansion and modernization of the nation’s fuel infrastructure. The bill would allow energy companies to immediately deduct the full cost of building or upgrading refineries, provided those projects increase production capacity by at least five percent. Additionally, it would shorten the timeframes for companies to write off the costs of oil and gas pipelines and storage facilities, aiming to lower the financial barriers for increasing the domestic supply of gasoline and other liquid fuels.