summary
Introduced
01/16/2015
01/16/2015
In Committee
01/16/2015
01/16/2015
Crossed Over
Passed
Dead
01/03/2017
01/03/2017
Introduced Session
114th Congress
Bill Summary
Tar Sands Tax Loophole Elimination Act This bill amends the Internal Revenue Code to expand the definition of "crude oil" for purposes of the excise tax on petroleum and petroleum products to include any bitumen or bituminous mixture, any oil derived from a bitumen or bituminous mixture (tar sands), and any oil derived from kerogen-bearing sources (oil shale). The bill also authorizes the Secretary of the Treasury to classify as crude oil or as a petroleum product subject to such tax any fuel feedstock or finished fuel product transported by pipeline, vessel, railcar, or tanker truck if the Secretary determines that such classification is consistent with the definition of oil under the Oil Pollution Act of 1990 and such fuel feedstock or finished fuel product is produced in sufficient commercial quantities as to pose a significant risk of hazard in the event of a discharge.
AI Summary
This bill, titled the Tar Sands Tax Loophole Elimination Act, amends the Internal Revenue Code to expand the definition of "crude oil" for federal excise tax purposes to explicitly include bitumen or bituminous mixtures, which are commonly known as tar sands, and any oil derived from them, as well as oil derived from oil shale. Additionally, it grants the Secretary of the Treasury the authority to classify other fuel feedstocks or finished fuel products as crude oil or petroleum products subject to tax if they are transported by pipeline, vessel, railcar, or tanker truck, and if the Secretary determines that such classification aligns with the definition of oil under the Oil Pollution Act of 1990 and that these products are produced in sufficient commercial quantities to pose a significant environmental hazard if spilled.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Read twice and referred to the Committee on Finance. (on 01/16/2015)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/114th-congress/senate-bill/187/all-info | 01/21/2015 |
| BillText | https://www.congress.gov/114/bills/s187/BILLS-114s187is.pdf | 07/04/2016 |
| Bill | https://www.congress.gov/114/bills/s187/BILLS-114s187is.pdf.pdf | 07/04/2016 |
| BillText | http://gpo.gov/fdsys/pkg/BILLS-114s187is/pdf/BILLS-114s187is.pdf | 01/27/2015 |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-114s187is/pdf/BILLS-114s187is.pdf.pdf | 01/27/2015 |
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