Tar Sands Tax Loophole Elimination Act

Senate Bill 3315 - Tar Sands Tax Loophole Elimination Act: Overview, Status, and Impact

Hozzl · 2022-02-08T23:22:58Z

Explore the details of Senate Bill 3315 Tar Sands Tax Loophole Elimination Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

2/8/2022, 11:22 PM

Congressional Summary of S 3315

Tar Sands Tax Loophole Elimination Act

This bill amends the Internal Revenue Code to expand the definition of "crude oil" for purposes of the excise tax on petroleum and petroleum products to include any bitumen or bituminous mixture, any oil derived from a bitumen or bituminous mixture (tar sands), and any oil derived from kerogen-bearing sources (oil shale).

The bill also authorizes the Department of the Treasury to classify as crude oil or as a petroleum product subject to such tax any fuel feedstock or finished fuel product transported by pipeline, vessel, railcar, or tanker truck if such classification is consistent with the definition of oil under the Oil Pollution Act of 1990 and such fuel feedstock or finished fuel product is produced in sufficient commercial quantities as to pose a significant risk of hazard in the event of a discharge.

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Current Status of Bill S 3315

Bill S 3315 is currently in the status of Bill Introduced since February 13, 2020. Bill S 3315 was introduced during Congress 116 and was introduced to the Senate on February 13, 2020. Bill S 3315's most recent activity was Read twice and referred to the Committee on Finance. as of February 13, 2020

Bipartisan Support of Bill S 3315

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3315

Primary Policy Focus

Taxation

Potential Impact Areas

- Administrative law and regulatory procedures

- Department of the Treasury

- Motor fuels

- Oil and gas

- Pipelines

- Sales and excise taxes

Alternate Title(s) of Bill S 3315

Tar Sands Tax Loophole Elimination Act

A bill to amend the Internal Revenue Code of 1986 to clarify that products derived from tar sands are crude oil for purposes of the Federal excise tax on petroleum, and for other purposes.