Tar Sands Tax Loophole Elimination Act
4/4/2025, 6:25 PMSummary of Bill S 1026
Bill 119 s 1026, also known as the "Tar Sands Crude Oil Tax Act," aims to amend the Internal Revenue Code of 1986 to clarify that products derived from tar sands are considered crude oil for the purposes of the Federal excise tax on petroleum. This bill seeks to ensure that products derived from tar sands, such as bitumen, are subject to the same tax treatment as traditional crude oil.The bill is designed to address a loophole in the current tax code that allows products derived from tar sands to be exempt from the Federal excise tax on petroleum. By clarifying that these products are considered crude oil, the bill aims to ensure that all forms of oil extraction are subject to the same tax obligations.
In addition to closing this tax loophole, the bill also includes provisions for other purposes related to the taxation of tar sands products. This legislation is intended to promote fairness and consistency in the taxation of petroleum products, regardless of their source. Overall, Bill 119 s 1026 seeks to ensure that products derived from tar sands are subject to the same tax treatment as other forms of crude oil, in order to promote equity and consistency in the taxation of petroleum products.
Current Status of Bill S 1026
Bill S 1026 is currently in the status of Bill Introduced since March 13, 2025. Bill S 1026 was introduced during Congress 119 and was introduced to the Senate on March 13, 2025. Bill S 1026's most recent activity was Read twice and referred to the Committee on Finance. as of March 13, 2025Bipartisan Support of Bill S 1026
Total Number of Sponsors
3Democrat Sponsors
3Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
6Democrat Cosponsors
5Republican Cosponsors
0Unaffiliated Cosponsors
1Policy Area and Potential Impact of Bill S 1026
Primary Policy Focus
TaxationAlternate Title(s) of Bill S 1026
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.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.Comments
Most relevant
Sponsors and Cosponsors of S 1026
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