Bill > S2135

This bill, titled the Tar Sands Tax Loophole Elimination Act, aims to amend the Internal Revenue Code of 1986 to ensure that products derived from tar sands are treated as crude oil for the purpose of federal excise taxes on petroleum. Specifically, it clarifies that the definition of "crude oil" for tax purposes includes various forms of oil, such as bitumen, bituminous mixtures, and oil derived from tar sands or oil shale. Additionally, the bill grants the Secretary of the Treasury, in consultation with the Environmental Protection Agency Administrator, the authority to designate other fuel feedstocks or finished fuel products as crude oil or petroleum products subject to tax if they are commonly transported and pose a significant environmental risk in case of a spill, aligning with the definition of oil under the Oil Pollution Act of 1990 and being produced in commercially significant quantities.