Tar Sands Tax Loophole Elimination Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill clarifies that products derived from ‘tar sands’ – a type of heavy crude oil – should be treated the same as conventional crude oil for federal excise tax purposes. It expands the definition of ‘crude oil’ to include bitumen and bituminous mixtures, and gives the Secretary of the Treasury authority to regulate the classification of various petroleum products for tax purposes. The bill aims to close a potential tax loophole related to these specific oil sources.
Key provisions
- Expands the definition of ‘crude oil’ to include ‘bitumen or bituminous mixture’ and oil derived from tar sands.
- Grants the Secretary of the Treasury authority to classify petroleum products for tax purposes.
- Ensures that products from tar sands are subject to the same excise taxes as other crude oils.
- Addresses fuel feedstocks and finished fuel products transported via pipeline, vessel, railcar, or tanker truck.
Who is affected
- Oil producers
- The Internal Revenue Service (IRS)
- The Department of Treasury
- The petroleum industry
- Taxpayers
Notable changes
- Clarifies the tax treatment of oil derived from tar sands.
- Provides regulatory authority to the Secretary of the Treasury to determine the classification of petroleum products.
- Aligns with the Oil Pollution Act of 1990 in classifying fuels.
Bill text
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Sponsors
Official sponsors from legislative records.
8 on record
Primary sponsor
Cosponsors
![Eleanor Holmes [D-DC-At Large] Norton](/_next/image?url=https%3A%2F%2Fcivik-platform-media-us-east-1-prod.s3.us-east-1.amazonaws.com%2Flegislator-portraits%2Fcongress%2FN000147.jpg&w=64&q=75){kind=small}
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