Code · BILL · 113th Congress · S. 388 (Placed on Calendar Senate) — To appropriately limit sequestration, to eliminate tax loopholes, and for other purposes. · Sec. 304

Sec. 304. Modifications to the tax on petroleum

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Paragraph

(1)of section 4612(a) is amended to read as follows: The term crude oil includes crude oil condensates, natural gasoline, any bitumen or bituminous mixture, and any oil derived from a bitumen or bituminous mixture. . Paragraph

(2)of section 4612(a) is amended by striking from a well located . Subclause

(I)of section 4612(e)(2)(B)(ii) is amended by striking tranferred and inserting transferred . The amendments made by subsections

(a)and

(b)shall apply to oil and petroleum products received or entered during calendar quarters beginning more than 60 days after the date of the enactment of this Act.