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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.