Tar Sands Tax Loophole Elimination Act

Bill: 114-hr-214
Sponsor: full_name: Rep. Blumenauer, Earl [D-OR-3]
Introduced: 2015-01-08
Policy area: Taxation
Subjects: Oil and gas

Sales and excise taxes
Latest action: action_date: 2015-01-09
text: Sponsor introductory remarks on measure. (CR H160)

Summaries:
action_date: 2015-01-08
action_desc: Introduced in House
text: <p><strong>Tar Sands Tax Loophole Elimination Act </strong></p> <p>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). </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 214 IN THE HOUSE OF REPRESENTATIVES January 8, 2015 Mr. Blumenauer (for himself, Mrs. Capps , Mr. DeFazio , Mr. Pascrell , Mr. Van Hollen , Mr. Nadler , Mr. Murphy of Florida , Mr. Sherman , Mr. Grayson , Mr. Quigley , Mr. Cartwright , Ms. Lee , and Mr. Connolly ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to clarify that tar sands are crude oil for purposes of the Federal excise tax on petroleum.

1. Short title This Act may be cited as the Tar Sands Tax Loophole Elimination Act . 2. Clarification of tar sands as crude oil for excise tax purposes (a) In general Section 4612(a)(1) of the Internal Revenue Code of 1986 is amended to read as follows: (1) Crude oil The term crude oil includes crude oil condensates, natural gasoline, any bitumen or bituminous mixture, any oil derived from a bitumen or bituminous mixture, and any oil derived from kerogen-bearing sources. . (b) Effective date The amendment made by this section shall apply to oil and petroleum products received or entered during calendar quarters beginning more than 60 days after the date of the enactment of this Act.