H.R. 786

Tar Sands Tax Loophole Elimination Act

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I

113th CONGRESS

1st Session

H. R. 786

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.

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

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.