Tar Sands Tax Loophole Elimination Act

This bill closes a tax loophole by explicitly including tar sands oil under the definition of "crude oil" for federal excise tax purposes. It directly affects oil producers who previously avoided excise taxes on tar sands-derived oil by exploiting the existing definition gap. The key mechanism amends the tax code to state that "crude oil" encompasses oil derived from tar sands, ensuring it is taxed identically to conventional crude oil. The change applies to excise taxes under Section 4611 of the Internal Revenue Code, requiring producers to pay these taxes on tar sands oil moving forward. The bill takes effect upon enactment.