Summary: H.R.4242 — 111th Congress (2009-2010)All Information (Except Text)

There is one summary for H.R.4242. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (12/08/2009)

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.