S. 1026 is a bill that seeks to amend the Internal Revenue Code to ensure that products derived from tar sands are classified as crude oil. This classification affects how these products are taxed under the Federal excise tax on petroleum. The bill allows the Secretary of the...
Simple Explanation
S. 1026 is a rule that wants to make sure gooey stuff called tar sands is treated like regular oil in a special tax rule, so people who use it will pay the same taxes as those who use normal oil. It also lets a big boss decide if other types of oil should be taxed if they're bad for the environment.