H.R. 2224, titled the “Tar Sands Tax Loophole Elimination Act,” aims to change the Internal Revenue Code of 1986 to ensure that products derived from tar sands are classified as crude oil for federal excise tax purposes. The bill expands the definition of "crude oil" to include not just...
Simple Explanation
This bill aims to change the rules so that oil from sticky rocks called tar sands is considered the same as regular oil when it comes to certain taxes. This helps ensure that companies pay a fair amount in taxes, just like they do for oil that comes straight from the ground.