S. 1591 would amend the Internal Revenue Code of 1986 to allow full expensing for the cost of qualified refinery property in the year in which the property is placed in service, and to classify petroleum refining property as 5-year property for purposes of depreciation.

== Detailed Summary ==

<summary>
(Log inRefinery Investment Tax Assistance Act of 2007 - Amends the Internal Revenue Code to editallow: (1) for the wiki and beexpensing of the first to provide a detailed summaryentire cost of certain liquid fuels refinery property (currently, only 50% of such cost can be expensed); and (2) a five-year recovery period for the bill!)depreciation of certain petroleum refining property.
</summary>

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== Status of the Legislation ==

<status>
Latest Major Action: 6/12/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
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== Points in Favor ==

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== Points Against ==

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