H.R. 214 – Reading Mode

114th CONGRESS

1st Session

H. R. 214

IN THE HOUSE OF REPRESENTATIVES

January 8, 2015

Mr. Blumenauer (for himself, Mrs. Capps, Mr. DeFazio, Mr. Pascrell, Mr. Van Hollen, Mr. Nadler, Mr. Murphy of Florida, Mr. Sherman, Mr. Grayson, Mr. Quigley, Mr. Cartwright, Ms. Lee, and Mr. Connolly) 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.

Short title

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

Clarification of tar sands as crude oil for excise tax purposes

(a)

In general

Section 4612(a)(1) of the Internal Revenue Code of 1986 is amended to read as follows:

(1)

Crude oil

The term crude oil includes crude oil condensates, natural gasoline, any bitumen or bituminous mixture, any oil derived from a bitumen or bituminous mixture, and any oil derived from kerogen-bearing sources.

(b)

Effective date

The amendment made by this section shall apply to oil and petroleum products received or entered during calendar quarters beginning more than 60 days after the date of the enactment of this Act.