S.1591: A bill to 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.

Refinery Investment Tax Assistance Act of 2007 - Amends the Internal Revenue Code to allow: (1) for the expensing of the entire 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 depreciation of certain petroleum refining property.