H.R. 786: Tar Sands Tax Loophole Elimination Act

113th Congress, 2013–2015. Text as of Feb 15, 2013 (Introduced).

Status & Summary | PDF | Source: GPO

HR 786 IH

113th CONGRESS

1st Session

H. R. 786

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.

IN THE HOUSE OF REPRESENTATIVES

February 15, 2013

Mr. MARKEY (for himself and Mr. BLUMENAUER) 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.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ‘Tar Sands Tax Loophole Elimination Act’.

SEC. 2. CLARIFICATION OF TAR SANDS AS CRUDE OIL FOR EXCISE TAX PURPOSES.

    (a) In General- Paragraph (1) of section 4612(a) of the Internal Revenue Code of 1986 is amended by striking ‘and natural gasoline’ and inserting ‘, natural gasoline, and tar sands’.

    (b) Effective Date- The amendments made by this section shall take effect on the date of the enactment of this Act.