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Oil Tax: Ending Loopholes for Tar Sands Products

This act redefines crude oil for tax purposes, including products derived from tar sands. This means these products will now be subject to federal excise tax, potentially affecting their prices and availability. The change aims to standardize taxation across various types of oil and fuels.
Key points
Products from tar sands, like oil from bituminous mixtures, will now be considered crude oil for tax purposes.
This subjects these products to a federal excise tax, which may not have been the case before.
The Treasury Secretary gains authority to tax other fuel types if they pose a significant risk of discharge.
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Additional Information
Tar Sands Tax Loophole Elimination Act
Print number: S 683
Sponsor: Sen. Markey, Edward J. [D-MA]
Process start date: 2021-03-10