S.Amdt. 50

1. Adds SEC. ___. CLARIFICATION OF TAR SANDS AS CRUDE OIL FOR EXCISE TAX PURPOSES wherever appropriate

   Adds a section

   Inserted: SEC. ___. CLARIFICATION OF TAR SANDS AS CRUDE OIL FOR EXCISE TAX PURPOSES.

   Inserted: (a) In General.--Paragraph (1) of section 4612(a) of the Internal Revenue Code of 1986 is amended to read as follows:

   Inserted: "(1) Crude oil.--The term 'crude oil' includes--

   Inserted: "(A) crude oil condensates and natural gasoline, and

   Inserted: "(B) in the case of any calendar quarter beginning more than 60 days after the date on which the certification under subsection (g) is made, synthetic petroleum, any bitumen or bituminous mixture, any oil derived from a bitumen or bituminous mixture, and any oil derived from kerogen-bearing sources.".

   Inserted: (b) Technical Amendment.--Paragraph (2) of section 4612(a) of such Code is amended by adding at the end the following new sentence: "In the case of any calendar quarter beginning more than 60 days after the date on which the certification under subsection (g) is made, the preceding sentence shall be applied without regard to whether the crude oil is produced from a well.".

   Inserted: (c) Certification That Modification Will Not Increase Price of Gasoline.--Section 4612 of such Code is amended by adding at the end the following new subsection:

   Inserted: "(g) Special Rule Relating to Definition of Crude Oil.--The Secretary shall not make a certification under this subsection unless the Secretary, in consultation with the Secretary of Commerce, determines that the provisions of subparagraph (B) of subsection (a)(1) and the second sentence of subsection (a)(2) will not result in any increase in the retail price of gasoline in the United States.".

   The amendment doesn't say where this goes; the clerk decides.

   Original wording

   At the appropriate place, insert the following:

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As printed