The Tar Sands Tax Loophole Elimination Act amends the Internal Revenue Code to classify products derived from tar sands as crude oil for federal.
The Tar Sands Tax Loophole Elimination Act amends the Internal Revenue Code to clarify that products derived from tar sands are considered crude oil for purposes of the federal excise tax on petroleum. This includes defining "crude oil" to encompass oil derived from tar sands. The bill also grants the Secretary regulatory authority to classify other fuel feedstocks or finished fuel products as crude oil or petroleum products subject to tax. The changes take effect on the date of the enactment of this Act.
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