S 1026
Tar Sands Tax Loophole Elimination Act
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- Passed Senate
- Passed House
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- Became Law
Bill overview
This bill aims to close a tax loophole related to ‘tar sands’ oil, which is a type of heavy crude oil extracted from Canada. It clarifies that products derived from tar sands should be treated the same as conventional crude oil for federal excise tax purposes. The bill expands the IRS’s authority to classify various fuels for tax purposes, ensuring consistency with environmental regulations and addressing potential hazards. This change will impact how taxes are collected on petroleum products.
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