CONGRESS FOR VOTERS

DemocratBill · S. 1026· Senate(119-S-1026)

Tar Sands Tax Loophole Elimination Act

Rep. Markey
Age: 80 years
Massachusetts
Introduced
3/13/2025
Last activity
3/13/2025 — Read twice and referred to the Committee on Finance.
Sponsored by
Edward Markey
Cosponsors
Democrat - 5Republican - 0
Taxation
  1. Introduced
  2. In Committee

What this bill would do

This bill, titled the ``Tar Sands Tax Loophole Elimination Act'', aims to amend the Internal Revenue Code of 1986. It seeks to clarify that products derived from tar sands are considered crude oil for the purposes of the Federal excise tax on petroleum. The legislation also grants the Secretary regulatory authority to include certain fuel feedstocks or finished fuel products as crude oil or petroleum products subject to tax. This authority applies to products customarily transported by pipeline, vessel, railcar, or tanker truck under specific conditions. These conditions include consistency with the Oil Pollution Act of 1990 and production in sufficient quantities to pose a risk of hazard during a discharge.

Yes· 3 of 7

  • Does this raise the taxes companies pay?+5

    The bill increases the tax burden on oil companies by ensuring tar sands and other feedstocks are subject to federal excise taxes.

  • Does this give the federal government more power?+4

    The bill expands the Secretary's regulatory authority to classify products subject to federal excise tax.

  • Does this better protect air, water and wildlife?+3

    The bill uses regulatory criteria based on hazard risks and environmental consistency to define taxable products.

The opposite

  • Would business owners be better off under this?-3

    Energy and oil industry business owners will face increased excise tax liabilities.

  • Is this likely to lower the price at the pump?-1

    Increased excise taxes on various fuel feedstocks could lead to higher prices at the pump.