Bill > HR1612

This bill aims to clarify that products derived from tar sands, a type of heavy crude oil, are considered "crude oil" for the purposes of the Federal excise tax on petroleum. The bill amends the Internal Revenue Code to explicitly include bitumen, bituminous mixtures, and oil derived from tar sands in the definition of "crude oil." It also gives the Secretary of the Treasury regulatory authority to include other fuel feedstocks or finished fuel products as subject to the excise tax if they are transported like crude oil and pose a significant risk in the event of a spill. These changes are intended to eliminate a potential "tax loophole" that may have allowed certain products from tar sands to avoid the excise tax.