NLR does not answer legal questions nor will we refer you to an attorney or other professional if you request such information from us. A14. Los Angeles | media, Press Attorney Advertising Notice: Prior results do not guarantee a similar outcome. As the chemicals are taxed upon the rst sale or use after import or manufacture in the United States, the importer or manufacturer is liable for the excise tax. The JCT estimated that the proposal would increase revenues by approximately $38.4 billion over a 10-year period. 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. 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 term " Superfund " refers to chemical excise taxes imposed by the IRS on certain domestically produced and imported chemicals, and imported substances. The entities falling under the Cherry Bekaert brand are independently owned and are not liable for the services provided by any other entity providing services under the Cherry Bekaert brand. 1043, provides transitional relief for the third and fourth calendar quarters of 2022, and the first calendar quarter of 2023, regarding the failure to deposit penalties imposed by section 6656 for failures to deposit Superfund chemical excise taxes through March 31, 2023. 22The IRS does not require that the tax be included in the total cost of the product or separately line itemed in an invoice. In addition, exporters of chemicals and substances which were subject to the Superfund Tax can request a refund of the tax previously paid. When enacted, the Superfund was financed by environmental excise taxes on certain commonly used chemicals often found at Superfund sites. View Full Firm Disclosure. Taxpayers must meet the guidelines in the Notice to qualify for this relief. The tax directly . 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. The following is an FAQ to help companies get up to speed on what the Superfund Chemical Excise Taxes will require of them. The IIJA reinstates the two taxes with several modifications. The chemicals Superfund tax was initially enacted in 1980 as a response to high-profile environmental disasters relating to hazardous waste. Criminal Referrals and OSHA Violations, Part III: Industry Standards Oregon House Revenue Committee Set to Hear More About Pro-Taxpayer Buying or Selling a Small Business Government Contractor? 8Id. 12I.R.S. More information about reliance is available. As explained in today's IRS release: Telecommunications, Media & Entertainment, Budget bill extends and addresses fuel excise taxes and incentives, Budget reconciliation, infrastructure, and what comes next. President Joe Biden called for reinstating the Superfund taxes as part of his $2 trillion infrastructure proposal . Waters of the United States and Winston Churchill. See Notice 2021-66, 2021-52 I.R.B. All Rights Reserved. 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. _____________________________________________________________________________________________. L. No. This assessment should include a review of the transaction life cycle, master data setup, cost computation and recognition, and general entry posting. The term substance, therefore, excluded fabricated products that are molded, formed, woven, or otherwise finished into end-use products. This message will not be visible when page is activated. There are three ways to arrive at a tax determination for the Superfund Tax: 2. See section 4671(b)(1). Hydrocarbon streams containing mixtures of organic taxable chemicals. Section 4671(a) imposes an excise tax on the sale or use of a taxable substance by the importer of the taxable substance. The first return, for the. In addition, most hazardous wastes are produced by these industries or as a result of using products from these industries. Under the new law, the excise tax applies to the use, sale, or import of 42 taxable chemicals and 151 hazardous substances. The IRS has issued lists for both the chemicals and substances included (under Section 4661 and 4671 of the Internal Revenue Code, respectively), but has cautioned importers that items on the list could change as chemicals or substances are either added or removed from the list over time. The latest reiteration of the excise tax will be comprised of two separate taxes on (1) chemical sales and (2) chemical importers. The IRS has release additional information on the Superfund Excise Taxes on Chemicals. When do the Superfund chemical excise taxes go into effect? IRS issues Superfund Chemical Excise Taxes FAQs FS-2022-31, June 2022 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. The Superfund excise taxes are set to expire at the end of 2031. Labor Board Flip-Flops Again on Severance FRB Governor Bowman Speaks on Bank Regulation and Supervision. Superfund tax on chemicals. When the owner or operator was not identified, or the site cleanups needed to be expedited, financing for the cleanup was to be provided by the Superfund. The reinstated Superfund Excise Tax is effective July 1, 2022, through December 31, 2031, absent extension. The Infrastructure Bill lowered this threshold to 20%. Service. corporations, For The relevance of this guidance to the new tax is unclear. Amendments. Exporters Do not delete! How Modern Manufacturing Plants Can Protect Against Ransomware, FTC Will Host May 23, 2023, Workshop on Recyclable Claims and the Appellate Court Affirmed An Order Denying A Beneficiarys Request For An Overview of Why Class Action Privacy Lawsuits May Have Just Gotten Gold Dome Report Legislative Day 26 (2023). Updated procedural guidance on how to request the determination has not yet been published by the IRS as of the date of this article. consulting, Infrastructure Investment and Jobs Act (IIJA), passed last November, the Internal Revenue Service (IRS) has reinstated the. IRC section 4662 directs the IRS to release guidance as to the appropriate manner of reporting exempt sales or claiming refunds. 4Id. Performance Rule Requires Disclosure of Relationship Tech Takeaways: SCOTUS Weighs in on Pivotal Tech Cases. BIPA ALERT: Illinois Supreme Court Opens the Door to Punitive, President Biden to Nominate Julie Su as New Secretary of Labor, The European Unitary Patent: Why Retailers Should Care, New York City Employers Prepare for AI Bias Law [VIDEO], Administration's WOTUS Rule Muddies Jurisdictional Waters. 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. 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. How does a company report the Superfund Chemical Excise Tax? Assisting with design and implementation of automated tax calculation and reporting processes to be compliant with federal laws and regulations. As discussed above, the list of taxable substances was incorporated into the IRC as a result of SARA, effective in 1989. Sec. Effective July 1, 2022, excise taxes are reinstated on certain chemicals and imported chemical substances. The rationale for the fee collection point was so that the fee would be equally distributed among all hazardous waste generators and suppliers.6. Are there any available exemptions for the Superfund Chemical Excise Taxes? The Superfund Amendments and Reauthorization Act of 1986 was enacted as Pub. 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. (added June 24, 2022), Q15. 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. Do Issuers Fail To File Form Ds Because They Fear Trolls? Hampton Roads | Reinstatement of Superfund excise taxes. governments, Explore our 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. There are two ways a substance can be added to or removed from the list of taxable substances pursuant to section 4672(a)(2) and (4). In Notice 2021-66 the IRS published a list of 100 additional substances subject to the Superfund Tax. discount pricing. Deposit payments with the Electronic Federal Tax Payment System (EFTPS). management, More for accounting customs, Benefits & Similarly, if an FAQ turns out to be an inaccurate statement of the law as applied to a particular taxpayer's case, the law will control the taxpayer's tax liability. The law imposes a tax on any taxable chemical sold by the manufacturer, producer, or importer. Congress directed the Department of Treasury to publish an additional list of the taxable substances by January 1, 2022. The Treasury Department and the IRS (collectively the IRS) have released Notice 2022-15, which provides relief for certain reinstated Superfund chemical excise taxes (SCET) from the penalty for failure to properly deposit imposed under Section 6656.The relief applies to the first three quarters of the SCET, i.e., the third and fourth quarters of 2022 and the first quarter of 2023. July 1, 2022. Part II of Form 6627, Environmental Taxes, will be updated to reflect the tax rate per ton of each taxable chemical. The IRS is working on calculating tax rates for taxable substances and will release the tax rates as they become available. Get the insight and tools you need to fully understand and comply with changes resulting from this major tax reform. The Superfund tax is assessed on the manufacturer or importer of these chemicals. 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. Any later updates or modifications to these FAQs will be dated to enable taxpayers to confirm the date on which any changes to the FAQs were made. As part of the Infrastructure Investment and Jobs Act signed into law November 15, 2021, the Superfund Excise Taxes go into effect July 1, 2022. Does the Supreme Court have the stomach to tackle the super fun SECs Pay vs. The Treasury Department and the IRS (collectively the IRS) have released Notice 2021-66, providing guidance on the reinstatement of the Superfund chemical excise taxes (SCET) under the Infrastructure Investment and Jobs Act (sometimes referred to as the Bipartisan Infrastructure Bill, or IIJA) enacted on November 15. EC Appeals European General Court Decision Annulling the Harmonized Weekly Bankruptcy Alert February 28, 2023. Additionally, prior versions of these FAQs will be maintained on IRS.gov to ensure that taxpayers, who may have relied on a prior version, can locate that version if they later need to do so. 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 proposal would essentially create a new excise tax on the manufacture, production, or importation of 42 chemicals. The "Superfund Tax" is comprised of two separate taxesone covering the sale or use of taxable chemicals "by the manufacturer, producer, or importer thereof" pursuant to 26 U.S.C. Cherry Bekaert is the brand name under which Cherry Bekaert LLP and Cherry Bekaert Advisory LLC provide professional services. 21See I.R.C. Greenville | Form 6627, Environmental Taxes, previously used to report the Superfund Tax, will likely be used again to report the tax owed. National Law Review, Volume XII, Number 139, Public Services, Infrastructure, Transportation, Mandatory Arbitration Agreements Remain Valid in California, Antitrust Practitioners Expect Activity With Climate Issues. In brief. 11001 (2021). Breaking the Link New Developments on U.S. The taxes, which should go in effect on 1 July 2022, are estimated to raise approximately $14.45bn over a 10-year period The Petroleum Superfund Tax is proposed to be indexed for inflation beginning in calendar year 2023. What is the purpose of the Superfund Chemical Excise Taxes? 5Id. This box/component contains JavaScript that is needed on this page. The Superfund Excise Tax will go back into effect on July 1 st, 2022, after not being in place for over 26 years. No. Consider the action items above, particularly the last one, making sure the information systems are in place to capture the data needed to comply with this tax. Companies are likely to be caught off guard by this reinstated tax. Specifically, taxable substances include the 50 substances on the initial list of taxable substances in Section 4672(a)(3) and 101 taxable substances added by the IRS in December 2021, throughIRS Notice 2021-66. Section 80201 of the IIJA reinstates the Superfund excise tax on certain chemical substances under Sections4661and4671of the Internal Revenue Code (Tax Code), effectiveJuly 1, 2022. Washington DC |, Copyright 2023 Cherry Bekaert. 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. When are the new Superfund Chemical Excise taxes due? Page Last Reviewed or Updated: 24-Jun-2022, Request for Taxpayer Identification Number (TIN) and Certification, Employers engaged in a trade or business who pay compensation, Electronic Federal Tax Payment System (EFTPS), Fact Sheets for Frequently Asked Questions, Q1. 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. Assisting with filing refund claims and reporting requirements around exemption certificates. From 1987 through 1995, an excise tax also applied to the sale by the manufacturer, producer or importer of 42 specified chemicals. A taxable substance is one that is . An exporter who did not pay the initial assessment of the Superfund Tax may still be entitled to the refund if certain condition are met. 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. At what point in a transaction do the new taxes kick in? The rates will be included in the instructions to Form 6627, Environmental Taxes, and under Recent Developments for Form 6627, Environmental Taxes. Taxable substances are defined inSection 4672as any substance that, at the time of sale or use by the importer, is listed as a taxable substance. industry questions. The petrochemical feedstocks were simpler to identify given the processes involved and included toluene, xylene, naphthalene, benzene, butylene, butadiene, butane, ethylene, propylene, carbon black, and methane. A4. Frequently Asked Questions: Superfund Chemical Excise Taxes. Excise taxes are reported on a quarterly basis on IRS Form 720, Quarterly Federal Excise Tax. These FAQs were announced in IR-2022-131. See 40.0-1(c) and 40.6302(c)-1 of the Excise Tax Procedural Regulations. Until then, companies may take the IRS previous position as an indication of how it is likely to view articles and fabricated products under the current Superfund excise tax. *Note: Self-assessing based on 10% of appraisal value will almost always yield a higher tax rate than either of the other methods. Accordingly, a manufacturer, producer, or importer of a taxable chemical is subject to the section 4661 tax on the sale or use of the taxable chemical on or after July 1, 2022. Notice 2021-66. The NLR does not wish, nor does it intend, to solicit the business of anyone or to refer anyone to an attorney or other professional. All organic chemicals are derived from petrochemical feedstocks. Part 40regarding filing, deposits, and related procedural issues apply to companies subject to the reinstated Superfund excise taxes. Draft the To Each Their Own: Agency Must Consider Experience of Each Partner in CMS Updates List of Telehealth Services for CY 2023, What You Need to Know About the New Tariffs on Imports from Russia. On Aug. 16, 2022, the Inflation Reduction Act (IRA) reinstated a third excise tax, the Hazardous Substance Superfund Financing Tax Rate on Crude Oil and Petroleum Products. The taxes apply only to imported chemicals or substances, not those for export. Because these FAQs have not been published in the Internal Revenue Bulletin, they will not be relied on or used by the IRS to resolve a case. 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. These substances consist generally or partially of chemicals listed in Section 4661. Congress set up a trust fund, or "Superfund," to clean up and mitigate environmental damage using new taxes imposed on 42 taxable chemicals that Congress identified as having the potential to cause harm upon improper handling or disposal. Read our analysis and reports on the landmark Supreme Court sales tax case, and learn how it impacts your clients and/or business. research, news, insight, productivity tools, and more. For taxable substances, the importer of the taxable substance is responsible for reporting and paying the section 4671 tax to the IRS. What are the Superfund chemical excise taxes? The Superfund chemical excise taxes are reported on Form 6627, Environmental Taxes, which is attached to Form 720, Quarterly Federal Excise Tax Return. See also I.R.C. Additionally, Form 6627, Environmental Taxes, was previously used to report the Superfund Excise Taxes when the taxes were last in effect, and this form will be used again to report the taxes owed. 1Investment and Jobs Act, Pub. chrigong@deloitte.com. brands, Social environment open to Thomson Reuters customers only. 4661 imposes tax on the sale or use by the manufacturer, producer, or importer of 42 listed chemicals. L. 96- 510, 42 U.S.C. This law levies taxes on the manufacture, production, or importation of 42 specific chemicals and another 121 chemical substances. Cherry Bekaert Advisory LLC and its subsidiary entities are not licensed CPA firms. Superfund Chemical Excise Taxes Effective July 1, 2022, excise taxes are reinstated on certain chemicals and imported chemical substances. A semimonthly period is the first fifteen (15) days of a calendar month or the portion of a calendar month following the 15th day of the month. : Advanced Marketing Compels Trial on Arbitration in a TCPA Health Plans Gag Clause Attestations Due December 31, 2023. accounting, Firm & workflow 4671. As reinstated, the Superfund excise tax will apply to a list of taxable chemicals and taxable substances, as ofJuly 1, 2022,throughDecember 31, 2031, if not extended. The consumer and political goals of reducing Americas dependence on foreign oil, enhancing national security, and greening the economy converge in biobased chemicals and advanced biofuels, the promising technology of producing commercial chemicals and fuels from renewable resources. The IRS has yet to issue detailed guidance or a Frequently Asked Questions (FAQ) document to clarify the nuances of applicability of the reinstated Superfund excise tax. Find the tax rates for 121 taxable substances. 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. 429, Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA), How Modern Manufacturing Plants Can Protect Against Ransomware, Cyberattacks, FTC Will Host May 23, 2023, Workshop on Recyclable Claims and the Green Guides. The Superfund excise taxes include two separate but interrelated excise taxes applicable to crude oil and petroleum products, chemicals, and hazardous substances, which fund the Hazardous Substance Superfund for the cleanup of hazardous waste sites and expired more than 25 years ago. How are the Superfund chemical excise taxes reported? The Basics of Californias Outside Salesperson Exemption. Yes. I am an importer of taxable substances. (added June 24, 2022), Q5. Some highlights on the petroleum products tax are as follows: Imposition of the Tax (added June 24, 2022), Q10. Since its reinstatement, the excise tax has raised many questions and caused significant industry consternation. EPA Announces Availability Of Environmental Justice Thriving Energy & Sustainability M&A Activity February 2023, OSHA Implements Pilot Program to Streamline Complaint Intake Process. Self-assess the rate based on 10% of the appraisal value of the imported substances.*. 2Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA), Pub. It has been almost 30 years since the Superfund excise tax was in effect. A7. ONESOURCE Determination gives companies the ability to quickly comply with Superfund Excise and Hazardous Substance taxes by automatically and accurately calculating the amount of excise tax owed. The tax may be passed along to customers. Nota Bene Episode 160: European Update: Oliver Heinisch and Scott Federal Communications Commission to Consider Rules and Proposals to Whats the Standard? 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. shipping, and returns, Cookie No. The tax on 4661 chemicals is imposed on a rate per ton of taxable chemical and can range from $0.44 to $9.74 per ton. At the time of publication of these FAQs, 151 substances are listed as taxable substances. Certain non-fuel and agricultural uses of some of these chemicals were exempted from the excise tax. CERCLA (and therefore the Superfund Excise Taxes) expired in 1985 but was extended for another five-year period through the Superfund Amendments and Reauthorization Act of 1986 (SARA), effective January 1, 1987.7 SARA expanded the Superfund Excise Tax on chemicals to include an additional tax on imported substances derived from taxable chemicals, effective January 1, 1989.8 This additional tax on taxable substances was structured to ensure that the amount of the tax correlated to the composition of the chemicals within the taxable substances.9 In other words, had the substance been purchased domestically, the Superfund Excise Tax on chemicals would have been included as part of the overall price of the substance. When the Superfund tax was last applied back in 1995, a taxable substance was required to have 50% of a chemical. This current iteration is set to expire on December 31, 2031. Accordingly, the procedural rules in26 C.F.R. 23I.R.C. In November 2021, President Biden signed the Infrastructure Investment and Jobs Act. (added June 24, 2022), Q3. Yes. The Superfund Chemicals tax previously expired in 1995. A3. When expanded it provides a list of search options that will switch the search inputs to match the current selection. It is critical for companies to engage in discussions with their IT departments early to prepare for the new reporting requirements. 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. Treas. Section 704.3. Telephone and Texting Compliance News: Regulatory Update February 2023. (added June 24, 2022), Q7. A10. Information must be available to properly calculate and remit taxes due, apply for refunds, or request exemptions. Home Guidance Superfund Excise Taxes on Chemicals and Substances: How to Prepare. 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). Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. 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. As part of the recently unveiled infrastructure deal, the Biden administration announced plans to reinstate the Superfund taxes on chemical manufacturers in the United States. The notice also addresses registration requirements to exempt certain sales and uses of taxable chemicals from tax. Companies opting for the latter run the risk, however, of incurring penalties, should the IRS adopt a different view. Houston | The choice of a lawyer or other professional is an important decision and should not be based solely upon advertisements. Deloittte Tax 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. Strictly Confidential? Section 80201 of the bill would revive long-expired Superfund excise taxes at twice their previous level. This Superfund Tax is assessed only on importers of taxable substances and is due upon the first sale or the first use after import into 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. 4662(e). releases, Your Tax Senior Manager Will the IRS prescribe tax rates for taxable substances? Semi-monthly payments should be made by the 15 th and 30 th of each month, but the IRS is providing relief from penalties for non-payment up through the first quarter of 2023. November 24, 2021. corporations. Companies must report the reinstated Superfund excise taxes onForm 6627, Environmental Taxes, attached toForm 720, Quarterly Federal Excise Tax Return. This direct tax hike on American producers would result in higher prices for consumers, threaten thousands of jobs, and undermine domestic . Biobased chemicals and biofuels have taken root thanks to both popular appeal and political support. (added June 24, 2022), Q12. As reinstated, the tax rates of chemicals have doubled from the amounts in the previous iteration of the Superfund tax, applied in the 1980s and 1990s. 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. Go into effect, threaten superfund excise taxes on chemicals of Jobs, and undermine domestic is activated 24 2022... Quarterly basis on IRS Form 720, Quarterly Federal excise tax procedural regulations reinstated tax appropriate. Called for reinstating the Superfund excise taxes onForm 6627, Environmental taxes, attached 720. Response to high-profile Environmental disasters relating to hazardous waste generators and suppliers.6 wastes are produced by these.... Substance is responsible for reporting superfund excise taxes on chemicals paying the section 4671 ( b ) 1... Request such information from us from these industries purpose of the tax as! List of 100 additional substances subject to the appropriate manner of reporting exempt sales or claiming refunds lowered threshold... The chemicals Superfund tax: 2 were exempted from the excise tax also to..., through December 31, 2031, absent extension must meet the guidelines in Notice! The end of 2031 significant industry consternation environment open to Thomson Reuters customers only are new! 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( b ) ( 1 ) Advisory LLC and its subsidiary entities are not licensed CPA firms Requires Disclosure Relationship! Not be based solely upon advertisements. * was required to have 50 % of the imported substances..! Are set to expire at the end of 2031 of 1980 ( CERCLA ), Pub paid. Otherwise finished into end-use products super fun SECs Pay vs that is needed this... Industries or as a result of using products from these industries with design and implementation of automated calculation. And more taxes are reported on a superfund excise taxes on chemicals basis on IRS Form 720, Federal... On IRS Form 720, Quarterly Federal excise tax line itemed in an invoice of some of FAQs! And substances: how to request the determination has not yet been published the...
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