Bill > HR214

This bill, titled the Tar Sands Tax Loophole Elimination Act, amends the Internal Revenue Code, which is the body of federal laws governing income tax in the United States, to clarify that certain types of oil are considered "crude oil" for the purpose of federal excise taxes on petroleum and petroleum products. Specifically, it expands the definition of crude oil to include bitumen or bituminous mixtures, which are tar-like substances, any oil derived from these tar sands, and any oil extracted from kerogen-bearing sources, such as oil shale. This change aims to close a perceived loophole by ensuring that these unconventional oil sources are subject to the same excise taxes as traditional crude oil.