Markey Presses IRS To Eliminate Tar Sands Tax Loophole

Law360, Washington (August 1, 2012, 4:05 PM EDT) -- Rep. Edward J. Markey, D-Mass., urged the U.S. Department of the Treasury and Internal Revenue Service on Tuesday to close a potential loophole absolving tar sands oil importers from paying excise taxes for an oil spill fund, saying the IRS erroneously determined tar sands aren't crude oil products.

Markey wrote in a letter to Treasury Secretary Timothy Geithner that the IRS told the Democratic staff of the House Natural Resources Committee that it never consulted industry experts or reviewed government documents when it determined tar sands...
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