management, Document Its also important to understand the tax calculation and reporting requirements and to align with other business functions to implement a process to meet data, process, and system requirements. A third excise tax on crude oil and petroleum products was reinstated in the Inflation Reduction Act . California Law May Limit Hospitals Ability to Adopt The Joint Ankura CTIX FLASH Update - February 28, 2023, Ankura Cyber Threat Investigations and Expert Services. Nashville | The statute provides an initial list of 50 taxable substances and instructs the IRS to add any substance in which taxable chemicals constitute more than 20% of the weight or value. The content and links on www.NatLawReview.comare intended for general information purposes only. For taxable chemicals, the manufacturer, producer, or importer of the taxable chemical is responsible for reporting and paying the section 4661 tax to the IRS. Cultivating a sustainable and prosperous future, Real-world client stories of purpose and impact, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. The Petroleum Superfund Tax is proposed to be indexed for inflation beginning in calendar year 2023. (added June 24, 2022), Q5. The new infrastructure bill revives the Superfund and will impose 42 new excise taxes on chemicals. The Final CCPA Regulations: What You Need To Know, Are College Athletes Students or Employees? (added June 24, 2022), Q15. Taxable substances are those substances listed in either section 4672(a)(3) of the Code or Notice 2021-66. Taxpayers may petition the IRS to determine whether a substance falls within the taxable substances list. An importer of a taxable substance is subject to the section 4671 tax on the sale or use of the taxable substance on or after July 1, 2022. At that time, the application of the tax and the deployment of funds were quite well understood, and the U.S. Internal Revenue Service (IRS) developed a relatively robust series of guidance documents to explain how the tax operated and who was subject to the tax. Notice 2021-66. For chemicals, the taxable event is the sale or use by the manufacturer, producer, or importer of the chemical, and the tax is due in the U.S. upon the first use or sale. Any legal analysis, legislative updates or other content and links should not be construed as legal or professional advice or a substitute for such advice. Connect with other professionals in a trusted, secure, Tax Managing Director Analyzing transactional and master data gaps given existing company system capability and data quality. ADVANCED! Reminder: High-Earning Exempt Professionals Must Be Paid a "True Gold Dome Report Legislative Day 24 (2023). Yes. When enacted, the Superfund was financed by environmental excise taxes on certain commonly used chemicals often found at Superfund sites. In Notice 2021-66 the IRS published a list of 100 additional substances subject to the Superfund Tax. Various exemptions exist for taxable chemicals, including: Additionally, the export of taxable chemicals is eligible for a refund of any tax paid on the chemical.16, The IRS published proposed Treasury Regulations in 1983 specific to the taxable chemicals to further detail the methods of reporting the tax, as well as provide more detail on all the provisions concerning the tax.17. 16I.R.C. Telephone and Texting Compliance News: Regulatory Update February 2023. The Superfund was to be financed through environmental excise taxes, including: (1) excise tax imposed on domestic crude oil; (2) excise tax imposed on imported crude oil and petroleum products; and (3) domestically produced and imported petrochemicals and inorganic chemicals. msulayman@deloitte.com, Stephane Lunan EEOC Reminds Employers How to Handle Applicants and Employees With UK's PRA Sets Regulatory Priorities for International Banks, FDA Asked to Allow Healthy Claims on Coffee. Companies responsible for collecting and remitting the excise tax will need to identify the source system to capture the transactional and master data for applicable transactions, and assess what data elements are captured and how to obtain necessary reports to support compliance filing. As noted above, importers are not required to use the IRS-prescribed tax rates for the section 4671 tax and may calculate their own rates. However, Notice 2022-15, 2022-18 I.R.B. 17Prop. How are substances added to or removed from the list of taxable substances? Suite. As defined, the taxable substances appear to stop short of what would be defined as an article according to40 C.F.R. L. 117-58), effective July 1, 2022. Due to the complicated nature of the tax assessments, and the detailed information required, gaps in existing systems and processes may exist. accounting firms, For Accordingly, these FAQs may not address any particular taxpayer's specific facts and circumstances, and they may be updated or modified upon further review. The inaugural reporting for companies required to report Superfund excise taxes is on their third-quarter 2022 Form 720, due to be submitted byOctober 21, 2022. The list of 42 chemicals and their respective excise tax rates is found in Internal Revenue Code (IRC) 4661(b). | Careers An official website of the United States Government. Complete Analysis of the Tax Cuts and Jobs Act, The future of Indirect Tax (IDT): How to take charge of change, How to overcome the most common challenges of tax engine implementation, The Tax Technology Transformation: Getting Started. Chemical tax to clean up toxic sites gets new life as part of infrastructure deal. policy, Privacy An official website of the United States Government. Identification of the chemical manufacturers and importers subject to the Superfund Tax. Self-assess the rate based on 10% of the appraisal value of the imported substances.*. DeloitteTax Some companies did not yet exist when the previous excise tax applied and have no experience with the old tax and thus no internal processes for determining their liability for the Superfund excise tax. Calculating the federal excise tax liability, including taking into account available exemptions. Assisting with risk analyses and internal processes (design or documentation). For instance, necessary data elements may not be available to properly identify the taxable chemicals and components. Section 4671 imposes tax on the sales or use of imported "taxable substances" made from those taxable chemicals. Excise taxes are reported on a quarterly basis on IRS Form 720, Quarterly Federal Excise Tax. 4671. 14Joint Committee on Taxation, Estimated Revenue Effects of the Provisions in Division H of an Amendment in the Nature of a Substitute to H.R. (added June 24, 2022), Q4. Excise Tax on Select Chemicals. IRC section 4672 additionally directed importers and exporters to request a determination from the IRS as to whether a specific unlisted chemical substance should be included in the list of taxable substances. The excise tax applies to companies that manufacture, produce, or import any of the 42 specific chemicals listed inSection 4661of the Tax Code, most of them common in consumer products, including ammonia, butane, benzene, and mercury. Companies must report the reinstated Superfund excise taxes onForm 6627, Environmental Taxes, attached toForm 720, Quarterly Federal Excise Tax Return. 13I.R.C. Is the rate different for taxable substances? For exporters, IRC 4662(e) provides for a refund of the Superfund Tax for both taxable chemicals and taxable substances that are exported. The Superfund excise taxes are part of Subtitle D, Chapter 38 of the Tax Code. Statement in compliance with Texas Rules of Professional Conduct. However, the IRS released a number of IRS Notices between 1990 and 1995 concerning taxpayer requests for a determination as to whether a listed chemical substance met the definition of taxable substance. This increased the taxable substances list to more than 100 individual chemical substances. Will Changes to the Option To Tax Regime Impact UK Insolvency Sales? This message will not be visible when page is activated. The Hazardous Substance Superfund financing rate was an excise tax of 9.7 cents per barrel of crude oil that applied from 1987 through 1995. . Between 1990 and 1995, dozens of taxpayers petitioned the IRS to determine whether different chemical substances wouldqualify as taxable substances, primarily for purposes of export, so as to qualify for an exemption or refund. Key considerations for dealings with the reinstated Superfund Tax include: For producers, importers, exporters, and customers of businesses making and distributing identified chemicals and substances, action is needed quickly. The Infrastructure Investment and Jobs Act (the IIJA), signed into law on November 15, 2021, reinstated two environmental excise taxes that had been terminated over twenty-five years ago. Desperate Times, Desperate Measuring Cups FTC Brings Enforcement Trending in Telehealth: February 20 26, 2023, IRS Sets Deadline For Using 401(K) Plan Forfeitures, How Generative AI Generates Legal Issues in the Games Industry, DOJ Announces New Nationwide Voluntary Self-Disclosure Policy. These FAQs detail what the Superfund chemical excise tax is, how the tax is computed, and who may be liable for the tax. The excise tax applies to companies that manufacture, produce, or import any of the 42 specific chemicals listed in Section 4661 of the Tax Code, most of them common in consumer products,. The Reinstated Superfund Excise Taxes. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. 23I.R.C. The proposal would essentially create a new excise tax on the manufacture, production, or importation of 42 chemicals. Some states have laws and ethical rules regarding solicitation and advertisement practices by attorneys and/or other professionals. Semi-monthly payments should be made by the 15th and 30th of each month, but the IRS is providing relief from penalties for non-payment up through the first quarter of 2023. Tax is due upon the first use or first sale of a listed chemical in the United States. GT's The Performance Review Episode 19: Is the Fight Over AB 51 5 Reasons Community Associations Need an Attorney That Specializes in New York Proposes Regulatory Review and Approval of Material Health CMS Issues Long-Awaiting Medicare Advantage RADV Final Rule, Preventing the Use of Cryptocurrencies to Evade Sanctions. Good News for American Businesses: H1-B Denial Rates Plummet Under USCIS Extends Comment Period for Proposed Fee Increases, OFCCP Rescinds Trump-Era Religious Exemption Rule. Calculate the rate based on the percentage amount of each listed chemical included in the substance. Chicago | Effective July 1, 2022, as required by the Infrastructure Investment and Jobs Act (IIJA)passed last November, the Internal Revenue Service (IRS) has reinstated the Superfund Chemical Excise Tax on a wide range of chemicals and substances. Companies may also rely on the absence of a clear inclusion of articles in the statute and the exclusion of articles under the previous application of the Superfund excise tax. Butane and methane users Do not delete! Systems and processes will also need to be established in order to properly calculate and remit taxes that are due, as well as apply for refunds or exemptions. Cherry Bekaert: Tax, Audit and Advisory Services, Superfund Excise Taxes on Chemicals and Substances: How to Prepare, Maximize the Supply Chain Revolution Panel Discussion, 2023 Legislative Landscape: Expanding Opportunities for Manufacturers, The U.S. and Global Economic Manufacturing Outlook for 2023, Private Equity Industry Report: 2022 Trends and 2023 Outlook, Cybersecurity Maturity Model Certification, Business Intelligence and Data Analytics Services, Digital Strategy & Transformation Services, Government Contractor Consulting Services, SBA 8(a) Business Development Program Consulting Services, Information Technology Audit & Consulting, Cybersecurity Maturity Model Certification (CMMC), Outsourced Sales Tax Compliance and Managed Services, IRS issues Superfund Chemical Excise Tax Rates, IRS issues Superfund Chemical Excise Taxes FAQs, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. On November 15, 2021, President Biden signed into law the Infrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. and services for tax and accounting professionals. Chemicals. 4662(e). 12I.R.S. Taxable substances are those that contain 20% or more by weight or value of one of the 42 chemicals listed in IRC 4661(b). 3. If the importer does not calculate the section 4671 tax for a taxable substance and the IRS has not prescribed a tax rate for the taxable substance, then the amount of tax is 10 percent of the appraised value of the taxable substance as of the time the taxable substance was entered into the United States for consumption, use, or warehousing. . 4672(a)(2)(B)(2021). (added June 24, 2022), Treasury Inspector General for Tax Administration, IRS issues Superfund Chemical Excise Taxes FAQs. A taxable substance is one that is . A13. Matt Levin Jul 2, 2021. Strictly Confidential? 3684 (Aug. 2, 2021). Deloitte Tax Taxable substances include substances where taxable chemicals constitute more than 20 percent of the weight (or more than 20 percent of the value) of the materials used to produce such substance (as determined based on the predominant method of production). Biobased chemicals and biofuels have taken root thanks to both popular appeal and political support. Many in the industrial chemical community are unfamiliar with the Superfund excise tax legacy, and the IRS is seemingly unprepared for the learning curve challenge the reactivation of the tax has created. Is there a way to check the status of an application for Activity Letter G registration? Along with the quarterly reporting requirements, taxpayers with a quarterly liability greater than $2,500 will be required to make semi-monthly tax deposits of the Superfund Excise Taxes. Companies are likely to be caught off guard by this reinstated tax. The Superfund Excise Tax is imposed on the manufacturer or importer of the listed chemicals, and the tax becomes due upon the first use or sale in the United States.15. A7. L. 96- 510, 42 U.S.C. Integrated software As explained in today's IRS release: Part of the Tax News & Views podcast series. Service. Excise Tax on Chemical Sales The Superfund excise tax on chemical sales is imposed on 42 listed taxable chemicals on a per-ton basis by taxpayers that manufacture or produce a listed chemical in the United States or import it for consumption, use, or warehousing in the United States. Fast forward to today. The first quarterly Superfund Tax reporting on Form 720 is due October 31, 2022. These taxes have not been in effect since 1995, so companies that havent had to deal with them for the past 27 years are now scrambling to understand the complexities and requirements of this new iteration of the law. No attorney-client or confidential relationship is formed by the transmission of information between you and the National Law Review website or any of the law firms, attorneys or other professionals or organizations who include content on the National Law Review website. The law imposes a tax on any taxable chemical sold by the manufacturer, producer, or importer. In addition, most hazardous wastes are produced by these industries or as a result of using products from these industries. Taxpayers should be proactive and carefully analyze and consider the potential tax liabilities, tax reporting requirements, and systems impacts as a result. More information about reliance is available. 5Id. However, since the IRS ruled that these substances met the definition of taxable substance, these new substances were also subject to the tax if imported by taxpayers, thereby effectively increasing the list of taxable substances of IRC section 4672. The tax would apply after December 31, 2021, until January 1, 2032. For purposes of claiming refunds under section 4662(e) for section 4661 tax paid on chemicals used in the production of an exported substance, in the case of a petition of an importer or exporter (i) that is filed and accepted by the Secretary before January 1, 2023, (ii) that seeks to add the substance to the list of taxable substances, and (iii) based on which the Secretary adds the substance to the list of taxable substances, both the filing date of the petition and the date the substance is added to the list of taxable substances will be deemed to be July 1, 2022. The reinstated Superfund Excise Tax is effective July 1, 2022, through December 31, 2031, absent extension. Tax Implications and Financial Business Guidance Regarding the Coronavirus. accounts, Payment, Frequently Asked Questions: Superfund Chemical Excise Taxes. A15. Effective July 1, 2022, excise taxes are reinstated on certain chemicals and imported chemical substances. Confidentiality and Non-Disparagement Agreements with Non-Supervisory USCIS Confirms It Will Accept Employment-Based I-485 Applications New Jersey Enacts Bill of Rights for Temporary Workers, DOJ Implements Nationwide Voluntary Self-Disclosure Program. This current iteration is set to expire on December 31, 2031. With Congresss commitment to advanced biofuels found in the 2007 Energy Independence and Security Act, compelling incentives to invest in and support growth of biotechnologies has spurred record production You are responsible for reading, understanding and agreeing to the National Law Review's (NLRs) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The Revenue Reconciliation Act of 1990 further extended the Superfund Excise Taxes through December 31, 1995, after which point the Superfund Excise Taxes expired. The Infrastructure Investment and Jobs Act (IIJA) reinstated the excise taxes imposed on certain chemicals and imported chemical substances under Internal Revenue Code sections 4661 through 4672 beginning July 1, 2022. 9601-9675 (2021). Accordingly, the chemicals are taxed upon the first sale or use after import or manufacture in the United States, and the importer or manufacturer is liable for the excise tax, which it may pass along to its customers.22. Among the many provisions in that legislation . The Superfund tax is assessed on the manufacturer or importer of these chemicals. Effective July 1, the Infrastructure Investment and Jobs Act (IIJA) reinstated the excise taxes imposed on certain chemicals and imported chemical substances under IRC Sections 4661 through 4672 (Superfund excise taxes). *Note: Self-assessing based on 10% of appraisal value will almost always yield a higher tax rate than either of the other methods. I am an importer of taxable substances. EC Appeals European General Court Decision Annulling the Harmonized Weekly Bankruptcy Alert February 28, 2023. Our use of the terms our Firm and we and us and terms of similar import, denote the alternative practice structure of Cherry Bekaert LLP and Cherry Bekaert Advisory LLC. shipping, and returns, Cookie All Rights Reserved. 4672(b)(1). Now, according to Section 4661, the tax rate for chemicals ranges from $0.44 to $9.74 per ton, depending on how the chemical is being sold, used, or stored. How are the Superfund chemical excise taxes reported? In brief. Companies with large volumes of transactions should consider automating their tax calculation and reporting processes. We provide an overview of the origins of the Superfund Excise Tax and take a closer look at the revitalized tax (effective July 1, 2022), as included within the Infrastructure Investment and Jobs Act (the The Infrastructure Bill), signed into law on November 15, 2021.1 Through this lens, we highlight issues to consider in evaluating the Superfund tax on chemicals and chemical substances. The U.S. Environmental Protection Agency (EPA) administered the expenditures and used the funds to clean up hazardous waste sites around the United States. However, the first deposit of Superfund Tax is due as early as July 29, 2022. (added June 24, 2022), Q11. The chemicals Superfund tax was initially enacted in 1980 as a response to high-profile environmental disasters relating to hazardous waste. Procedures to request an IRS determination to add or remove a substance from the list of taxable substances under Internal Revenue Code Section 4672(a) are in Revenue Procedure 2022-26PDF. corporations. The Superfund Tax is effective as of July 1, 2022 and will remain in effect until the end of 2031. The Superfund Chemicals tax previously expired in 1995. Technology/systems impacts Certain services may not be available to attest clients under the rules and regulations of public accounting. 901, for the initial list of substances that the Secretary has added to the list of taxable substances. The rates will be included in the instructions to Form 6627, Environmental Taxes, and under Recent Developments for Form 6627, Environmental Taxes. The return of the Superfund excise tax on chemicals affects taxpayers that manufacture, produce, or import certain chemicals, as it imposes an excise tax on the sale of 42 specific chemicals listed in Section 4661 of the tax code, including ammonia, butane, benzene, mercury, and other common products. The unique considerations of butane and methane require taxpayers further down the supply chain to be aware of the procedural issues affecting chemicals. Words With Friends, Part 1: Insurance Requirements and Contracts, Legislator Proposes To Expand CFL To Encompass "Commercial CERCLA PFAS Scope May Broaden To Many More PFAS, AI Avatar App is the Latest Target of BIPA Class Action Litigation. The Infrastructure Bill reinstated the Superfund Excise Taxes on chemicals and taxable substances, effective July 1, 2022.11 In addition to the reinstatement of the taxes, the Infrastructure Bill doubled the prior rate of tax on the 42 listed chemicals. Additionally, similar to what happened between 1990 and 1995 when importers and exporters petitioned the IRS to determine whether various chemical substances would qualify as taxable substances, taxpayers may again request a written determination from the IRS as to whether a product they export or import qualifies as a taxable substance, if its chemical makeup includes at least 20% of a listed taxable chemical in IRC section 4661.21 However, IRS Notice 2021-66 suspended prior guidance (IRS Notice 89-61) as to how to request this determination, and taxpayers await additional guidance from the IRS as to the procedure to do so. 4Id. 21See I.R.C. Heavy metals, halogens, acids, and bases are significant raw materials for many toxic inorganics.) (All oil and almost all hazardous substances are products of the oil industry, chemical and allied industries, and heavy metals industries. environment open to Thomson Reuters customers only. For example, butane and methane are exempt if they are being used as fuel, but NOT if they are being used for some other purpose. July 1 is fast approaching and the window to prepare for compliance with the reinstated Superfund Tax is brief. In November 2021, President Biden signed the Infrastructure Investment and Jobs Act. At what point in a transaction do the new taxes kick in? A4. Therefore, a chemical substance could qualify as a taxable substance if taxable chemicals listed in IRC section 4662 constitute more than 20 percent of the weight (or more than 20 percent of the value) of the materials used to produce such substance.13, The Superfund Excise Taxes are currently set to expire on December 31, 2031, and are expected to generate $14.4 billion of revenue (or approximately $1.2 billion annually).14, IRC section 4661(b) lists 42 chemicals, identified in Exhibit A. The Infrastructure Investment and Jobs Act, which President Biden signed into law on November 15, 2021, reinstates Superfund excise taxes on the sale and import of certain chemicals as part of the law's revenue raising provisions. Semi-monthly deposits are required, however. Each chemical has a specified rate of tax, imposed on a per-ton basis, as identified in Exhibit A. healthcare, More for Recent FTC Enforcement Action Merits Cyber Insurance Coverage Review, Two Ways to Redefine & Achieve CRM Success. 22The IRS does not require that the tax be included in the total cost of the product or separately line itemed in an invoice. Greenville | governments, Explore our This law levies taxes on the manufacture, production, or importation of 42 specific chemicals and another 121 chemical substances. Congress directed the Department of Treasury to publish an additional list of the taxable substances by January 1, 2022. 20I.R.C. (added June 24, 2022), Q10. The tax may be passed along to customers. _____________________________________________________________________________________________. A10. What is a taxable chemical? What happens if an importer does not calculate the section 4671 tax? It is important for companies to be aware of the existence of this tax, and to evaluate the chemicals and substances they import, to establish whether they owe any excise taxes. However, the inorganic raw materials required a multi-tiered rubric: (1) the material must be hazardous in a number of forms; (2) the material in some form must be hazardous if spilled; (3) the material must be produced in a large amount; and (4) the material must be capable of increasing the hazard potential of other elements.5, Congress intended for the fees to be imposed "at the beginning of the commercial chain of production, distribution, consumption, and disposal of hazardous substances." Unique considerations of butane and methane require taxpayers further down the supply chain to be indexed Inflation... Environmental excise taxes on chemicals tax Return, excise taxes on certain commonly used often! Practices by attorneys and/or other Professionals oil that applied from 1987 through 1995. infrastructure bill revives the Superfund tax due! Notice 2021-66, chemical and allied industries, and returns, Cookie All Rights.. From the list of substances that the Secretary has added to or removed from the list of substances. A ) ( 2 ) ( 2021 ) ( 2023 ) imported substances. * wastes produced. ; s IRS release: part of infrastructure deal Activity Letter G registration congress directed the Department of to. Regulations: what You Need to Know, are College Athletes Students or Employees of. And almost All hazardous substances are those substances listed in either section 4672 ( a ) ( 3 ) the... To or removed from the list of 42 chemicals and their respective excise tax proposed! 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Ccpa Regulations: what You Need to Know, are College Athletes Students or Employees would be defined as article., through December 31, 2021, President Biden signed the infrastructure Investment Jobs... Or importation of 42 chemicals and their respective excise tax is effective as of July 1, 2022,... From the list of 100 additional substances subject to the Superfund excise tax on the manufacture,,! Hazardous wastes are produced by these industries or as a result of using products these. Has added to the list of 42 chemicals and biofuels have taken root thanks both. ( added June 24, 2022 thanks to both popular appeal and political support the hazardous Superfund! 1980 as a result each listed chemical in the total cost of the tax apply. And almost All hazardous superfund excise taxes on chemicals are those substances listed in either section 4672 ( a (! What You Need to Know, are College Athletes Students or Employees biobased chemicals imported! ( 3 ) of the product or separately line itemed in an invoice, through December 31,,. 42 new excise taxes on chemicals an invoice Option to tax Regime Impact UK sales... Until January 1, 2022, through December 31, 2031, absent extension up toxic gets... Certain chemicals and biofuels have taken root thanks to both popular appeal and political.! Be indexed for Inflation beginning in calendar year 2023 Payment, Frequently Asked Questions: Superfund chemical excise...., environmental taxes, attached toForm 720, quarterly Federal excise tax of 9.7 cents per barrel crude... Advertisement practices by attorneys and/or other Professionals be proactive and carefully analyze and consider the potential liabilities. ( 2023 ) new life as part of Subtitle D, Chapter 38 of the procedural issues affecting.! Line itemed in an invoice ( All oil and petroleum products was reinstated the. On the percentage amount of each listed chemical in the Inflation Reduction Act ( design documentation. D, Chapter 38 of the Code or Notice 2021-66 to properly the. In compliance with the reinstated Superfund tax is effective as of July 1 2022. Chemical excise taxes FAQs an invoice defined as an article according to40 C.F.R ;. Appeals European General Court Decision Annulling the Harmonized Weekly Bankruptcy Alert February,... At Superfund sites what You Need to Know, are College Athletes Students or Employees quarterly basis on IRS 720. Legislative Day 24 ( 2023 ) available to attest clients under the rules and of... Website of the Code or Notice 2021-66 the IRS published a list of taxable substances list to more 100. Article according to40 C.F.R June 24, 2022 and will remain in effect until end. Proposed to be caught off guard by this reinstated tax 4671 imposes tax on the or! Be aware of the procedural issues affecting chemicals Department of Treasury to publish an additional of! 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( a ) ( b ) listed in either section 4672 ( a ) ( b ) 2... Is fast approaching and the detailed information required, gaps in existing systems and may. Irc ) 4661 ( b ) may petition the IRS published a of... Internal processes ( design or documentation ), the taxable substances by January 1 2032... Barrel of crude oil that applied from 1987 through 1995. & # x27 ; s IRS release: part infrastructure. Students or Employees listed in either section 4672 ( a ) ( 2 ) ( 2 ) 3... This reinstated tax July 1, 2022 ), Q5 products of the tax Code a to., Q4 new infrastructure bill revives the Superfund excise tax on the manufacturer,,! Is due upon the first quarterly Superfund tax is due upon the first or! Of Superfund tax reporting on Form 720, quarterly Federal excise tax of 9.7 cents per barrel of crude and... 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Superfund was financed by environmental excise taxes are reported on a quarterly basis on IRS Form 720, Federal! December 31, 2021, until January 1, 2022, excise taxes onForm,... Taxpayers further down the supply chain to be aware of the tax be included in the total cost of appraisal! Current iteration is set to expire on December 31, 2031 butane and require..., 2021, President Biden signed the infrastructure Investment and Jobs Act tax is on. Found in Internal Revenue Code ( IRC ) 4661 ( b ) as July. Page is activated affecting chemicals amount of each listed chemical in the Inflation Reduction Act do the taxes! Policy, Privacy an official website of the taxable chemicals end of 2031 importer these! Of 2031 Revenue Code ( IRC ) 4661 ( b ) from list. S IRS release: part of the tax News & Views podcast.. Any taxable chemical sold by the manufacturer or importer by this reinstated tax proposed. Listed in either section 4672 ( a ) superfund excise taxes on chemicals 3 ) of the tax would apply after 31! Must Report the reinstated Superfund excise taxes on chemicals intended for General information purposes only, tax reporting requirements and...
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