S.2135 - Tar Sands Tax Loophole Elimination Act113th Congress (2013-2014)
|Sponsor:||Sen. Markey, Edward J. [D-MA] (Introduced 03/13/2014)|
|Committees:||Senate - Finance|
|Latest Action:||03/13/2014 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.2135 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in Senate (03/13/2014)
Tar Sands Tax Loophole Elimination Act - Amends the Internal Revenue Code to expand the definition of "crude oil" for purposes of the excise tax on petroleum to include any bitumen or bituminous mixture, any oil derived from a bitumen or bituminous mixture (including oil derived from tar sands), and any oil derived from kerogen-bearing sources (including oil derived from oil shale).
Authorizes the Secretary of the Treasury to include as crude oil or as a petroleum product for excise tax purposes any fuel feedstock or finished fuel product customarily transported by pipeline, vessel, railcar, or tanker truck if: (1) the Secretary determines that the classification of such feedstock or fuel is consistent with the definition of oil under the Oil Pollution Act of 1990, and (2) such feedstock or fuel is produced in sufficient commercial quantities as to pose a significant risk of hazard in the event of a discharge.