published tax rates for 121 of the 151 taxable substances. (added June 24, 2022), Q5. The IRS has release additional information on the Superfund Excise Taxes on Chemicals. Texas Unclaimed Property, a Division of the Texas Comptroller of Public Accounts (Texas Comptroller), is increasing compliance efforts through outreach. The Superfund Amendments and Reauthorization Act (SARA) of 19861995 expanded the programs scope. A7. Heres more on what is included in the Superfund Excise Tax and what to keep an eye out for. Tax Implications and Financial Business Guidance Regarding the Coronavirus. Chicago | How are the Superfund chemical excise taxes reported? 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. Please see links for details: Learn more about Superfund Excise Tax changes effective July 1, 2022, including key considerations for dealings with the reinstated Superfund Tax on chemicals and substances. Read about their experiences and a few lessons learned along the way. More. Each chemical has a specified rate of tax, imposed on a per-ton basis, which has now been doubled. 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 previously released Notice 2021-66, providing guidance on the reinstatement of the SCET under the Infrastructure Investment and Jobs Act (sometimes referred to as the bipartisan infrastructure bill) enacted on November 15, 2021. Cherry Bekaert LLP is a licensed independent CPA firm that provides attest services to its clients, and Cherry Bekaert Advisory LLC and its subsidiary entities provide tax and business advisory services to their clients. More information on the procedures for petitioning the Secretary to add or remove substances from the list of taxable substances will be released in advance of July 1, 2022. Charter is different from tax teams because we dont just focus on compliance we also find the credits your company qualifies to receive. In response to pointed public comment, on April 15, 2022, the IRS released an advance version ofNotice 2022-15, providing relief for thethirdandfourth calendar quarters of 2022, and the first calendar quarter of2023, regarding the failure to deposit penalties imposed bySection 6656of the Tax Code, as those penalties relate to the Superfund excise taxes. Section 4661 imposes tax on the sale by the manufacturer, producer or importer of taxable chemicals. Richmond | The Inflation Reduction Act (IRA) enacted on August 16, 2022, created a new corporate alternative minimum tax (AMT) for taxable years beginning after December 31, 2022. The excise tax collection expired in 1995 but resumed on July 1, 2022. 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. Corresponding with the IRS, including requests for determination and other guidance. Initially, the Superfund program called for taxes by manufacturers of crude oil and certain chemicals to fund a trust to pay for environmental cleanup activities. Helping tax leaders embrace disruption, seize new opportunities and drive greater value. Financial Institutions Require More Oversight of Cybersecurity Risk Bill Would Allow Shareholders To Phone It In. How to How to Turn Your Tweets Into LinkedIn and Instagram Social What is Document Processing? A8. It started with the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) of 19801986. Exporters will not be taxed. For more information on cookies and how we use them, view our Cookie Policy. While the final taxable substance list and exact rates have yet to be finalized, costs will be calculated by weight or value of the contained taxable chemical. During the first, second, and third calendar quarters of2023, the IRS will not withdraw a taxpayers right to use the deposit safe harbor rules of the Excise Tax Procedural Regulations at 26 C.F.R. As defined, the taxable substances appear to stop short of what would be defined as an article according to40 C.F.R. I am an importer of taxable substances. 17. This could create a potential liability for downstream users such that the rst company that uses the methane or butane in a manner other than as a fuel will have to report and remit the Superfund Tax. Operating now under a new set of rules, organizations manufacturing or importing certain chemicals now face new tax challenges. Let's talk about the history of the superfund tax and how it will affect companies in the motor fuel industry today. The IRS determined this threshold in consultation with the Environmental Protection Agency and U.S. Customs and Border Protection. See the full disclaimer. 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 Superfund chemical taxes will be reported on Form 720, Quarterly Federal Excise Tax Return, and Form While the majority of the listed chemicals are taxable by the manufacturer or importer upon the rst sale or use, butane and methane only become taxable upon the rst use other than as a fuel. Learn more about Superfund Excise Tax changes effective July 1, 2022, including key considerations for dealings with the reinstated Superfund Tax on chemicals and substances. The Infrastructure Investment and Jobs Act signed into law November 15, 2021, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. As reinstated, the tax See question 3 for more information on taxable chemicals and question 6 for more information on calculating the tax imposed by section 4661 (section 4661 tax). Each member firm is a separate legal entity. Apprehended Woman Dies in Eagle Pass, Texas Soft Sided Facility, U.S. Customs and Border Protection Department of Homeland Security. 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. 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 chemical taxes will be reported on Form 720, Quarterly Federal Excise Tax Return, and Form 6627, Environmental Taxes. Notice 2021-66 does not specify the tax rate for each taxable substance. The calculation of the superfund excise taxes is complex, and accurate reporting data can help companies reduce their tax burden. 177-58) and was signed on November 15, 2021. Partner, Tax Controversy and Regulatory Services, PwC US. Tax on Imported Chemical Substances, IRS No. All rights reserved. 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. Superfund excise taxes are reported on Form 6627, Environmental Taxes, which must be attached to Form 720 Quarterly Federal Excise Tax Return. Under what circumstances is registration required? $150 plus $0.069 per each acre-foot greater than 10 acre-feet. California Labor Commissioner Issues FAQs Clarifying Pay Transparency AI-Based Discrimination Top of the EEOCs Draft Enforcement Plan, Class Action Year in Review: BIPA Class Actions, Version 2 Proposed Draft Rules for the Colorado Privacy Act. 117-169), which was signed into law on August 16, 2022, reinstated the Petroleum Superfund Tax at a rate of 16.4 cents per barrel. The National Law Review is not a law firm nor is www.NatLawReview.com intended to be a referral service for attorneys and/or other professionals. The taxes apply to any taxable chemical under Internal Revenue Code (IRC) 4661 and any taxable substance under IRC 4671. We recommend taking the following steps now to determine how this excise tax applies to your company and to help ensure compliance: In addition, it is important to identify your available resources for determining taxability, exemptions, making tax deposits, filing applicable IRS registrations (Form 637, Application for Registration For Certain Excise Tax Activities) and filing quarterly tax returns (Form 720, Quarterly Federal Excise Tax Return, and attachment Form 6627, Environmental Taxes). The full list of taxed chemicals and substances can be viewed here. The excise tax was not only brought back, but the IIJA doubled the prior tax rate on chemicals. On November 15, 2021, President Biden signed into law theInfrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. During her free time Elizabeth enjoys going to concerts, traveling, hanging out with her pets, and caring for her succulent plants. The Superfund Chemicals Excise Tax Makes a Comeback. Boston | (added June 24, 2022), Q13. 4295) on December 22, 2022, that accomplishes three things: (1) eliminates the requirement to affirmatively elect New Jersey S corporation status, while including an opt-out provision; (2) adopts the federal centralized partnership audit regime, with certain modifications; and (3) ends certain COVID-related extensions. However, Notice 2022-15, 2022-18 I.R.B. The money gathered from the taxes was used to fund the clean-up of hazardous waste disposal sites across the United States. A11. Go back five years for manufacturing drawback. A2. Please see www.pwc.com/structure for further details. Kti Chemicals Inc is a superfund site located at 1170 Sonora Ct, Sunnyvale, CA 94086. The Treasury Department and the IRS reportedly intend to update Notice 89-61 to reflect the changes made to Section 4672(a)(2) by the IIJA and to make other changes that may be necessary. Instead, Section 4671(b) provides that the amount of tax imposed with respect to any taxable substance is equal to the amount of tax that would have been imposed by Section 4661 on the taxable chemicals used as materials in the manufacture of the taxable substance, if such taxable chemicals had been sold in the United States for use in the manufacture or production of the taxable substance. 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 Infrastructure Investment and Jobs Act not only reinstated the Superfund excise tax but also expanded its rate and reach. The taxes are effective July 1, 2022. If you are not responsible for paying and reporting the excise tax to the IRS but purchase any of the listed chemicals or substances from your suppliers, review the potential economic impact of the reinstated excise tax on your company. The Superfund Chemical Excise Tax was created in 1980 through the Comprehensive Environment Response, Compensation, and Liability Act. The Superfund taxes are expected to generate approximately $14.5 billion over a 10-year period. In order to pay for the provisions in The Infrastructure Investment and Jobs Act (also referred to as the Bipartisan Infrastructure Bill), Superfund was reinstated with double the tax rate on chemicals and a vast expansion of substances. (added June 24, 2022), Q15. Tech trends in Because of potential exemptions for butane and methane used as a fuel, taxpayers further down the supply chain need to be aware of the procedural issues aecting such chemicals. For example, methane or butane used as a fuel, or nitric acid, sulfuric acid, ammonia, or methane used in production of fertilizer are exempt. Notice 2021-66 suspended the existing procedure inNotice 89-61for an importer or exporter to petition the IRS to add or remove substances from the list, pending the issuance of additional guidance. It's important to note that the tax only applies to imported chemicals and hazardous substances. Many entities are struggling with its application. Form 6627 must be led alongside Form 720 on a quarterly basis. Aside from this quarterly filing, taxpayers with a quarterly liability of greater than $2,500 will be required to make semi-monthly tax deposits of at least 95 percent of the net tax liability incurred during the tax period (unless a safe harbor The term substance, therefore, excluded fabricated products that are molded, formed, woven, or otherwise finished into end-use products. Requesting additions and/or deletions to the taxable substances list pursuant to updated IRS guidance and procedure. Gas tax holiday: impact of changes in motor fuel tax rates, Tax automation: the ultimate guide to tax process efficiency, Reporting The choice of a lawyer or other professional is an important decision and should not be based solely upon advertisements. A4. Substances treated as taxable will significantly increase over the pre-1996 levels, when the threshold determination only applied when more than 50% of the substances weight or value consisted of taxable chemicals. The Superfund chemical taxes will be reported on Form 720, Quarterly Federal Excise Tax Return, and Form 6627, Environmental Taxes. Contributed by Stephanie C. Cason, CPA, MAcc, Manager in RKLs Tax Services Group. In the meantime, reach out to your RKL advisor with questions or to discuss your companys specific circumstances. Built by tax professionals for tax professionals. Superfund Excise Tax - What You Need to Know, This analysis is intended for informational purposes only and is not tax advice. Part II of IRS Form 6627 has been updated to reflect these rates. 177-58) reauthorizes Superfund with expanded provisions of doubled rates on Taxable Chemicals, and a vast expansion of Taxable Substances. 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. By continuing to use this site, you are giving consent to cookies being used. 901, for the initial list of substances that the Secretary has added to the list of taxable substances. Legal Disclaimer|Privacy Policy | Copyright 2022 IGenFuels LLC. Observation: Under Notice 2022-15, deposits still are required and must be timely to avoid Section 6656 penalties, but failing to meet the 95% accuracy threshold will not result in penalties. The Reinstated Superfund Excise Taxes. Initially, the Superfund program called for taxes by manufacturers of crude oil and certain chemicals to fund a trust to pay for environmental cleanup activities. This memorandum explains why. A Superfund excise tax on chemicals has been signed into law and went into effect on July 1, 2022. Statement in compliance with Texas Rules of Professional Conduct. To obtain certainty prior to IRS issuing guidance on this matter, companies that import taxable substances as part of articles can seek clarification from the IRS. Charter Brokerage can help you mitigate the Superfund taxes paid on these taxable chemicals. Additional substances may be added if the weight or value of the substances is greater than 20% of the contained taxable chemical. $300 plus $0.090 per each acre-foot greater than 10 acre-feet. The Inflation Reduction Act added excise tax on domestic crude oil and imported petroleum products starting on January 1,2023. See Notice 2021-66, 2021-52 I.R.B. Substances. Managing Licenses, Careers (added June 24, 2022), Q3. Client Advisory Board, 1175 Lombardi Access Rd., Ste 500, Green Bay, WI 54304. The Infrastructure Investment and Jobs Act signed into law November 15, 2021, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. The Infrastructure Bill reinstated the Superfund Excise Taxes on chemicals and taxable substances, effective July 1, 2022. Manufacturers, laboratories and other businesses may begin to see these excise taxes passed along to them on invoices from their suppliers. The Superfund excise tax is currently set to expire on December 31, 2031. Applicability of the information to specific situations should be determined through consultation with your tax adviser. Ethylene and propylene may also be exempt, but only when used in the production of fuel (motor fuel, diesel fuel, aviation fuel, or jet fuel). Managing Director, Excise Tax Practice, KPMG US, Senior Manager, Tax | WNT - SALT Income & Incentives, KPMG US, Partner, Tax, Accounting Methods & Credits, KPMG US. This is the first person/company at which the taxable chemical lands in the U.S. for the preceding reasons. All rights reserved. At the time of publication of these FAQs, 151 substances are listed as taxable substances. BDOs excise tax professionals can help affected companies by performing a phased approach to determining the impact of the Superfund chemical excise taxes on your business. It has been almost 30 years since the Superfund excise tax was in effect. $225 plus $0.073 per each acre-foot greater than 10 acre-feet. The relevance of this guidance to the new tax is unclear. Superfund Tax Chemicals List According to the IRS, A taxable chemical is a chemical that is (i) listed in section 4661 (b), and (ii) manufactured or produced in the United States or entered into the United States for consumption, use, or warehousing. Below is the current list of taxable chemicals. Do Not Sell My Personal Information as to BDO Investigative Due Diligence. Fast forward to today. But under the Biden plan, those taxes would be reinstated. The taxes are reported quarterly on the IRS Form 720, which is part of the Quarterly Federal Excise Tax Return. Identify exempt chemicals and substances under export rules. Cherry Bekaert is the brand name under which Cherry Bekaert LLP and Cherry Bekaert Advisory LLC provide professional services. Second, an importer or exporter of a substance (or other interested person) can petition the Secretary to add the substance to or remove the substance from the list of taxable substances. WebClaims for refund of excise taxes. Cannabis Excise Tax Calculation. Nothing in the statute or in Notice 2021-66, for example, references manufactured items in the context of taxable substances. No such update has been issued to date, however. Infrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This website uses cookies. The Superfund tax is assessed on the manufacturer or importer of these chemicals. The IRS noted that the full list of taxable chemicals and substances could change over time. | Privacy Policy The Anti-Money Laundering Act of 2020 Gets a Glow Up: Congress FINRA Files Amendments to Proposed Rule Change That Will Allow Remote Corporate Practice of Medicine Doctrine: Increased Enforcement on the Environmental Justice Update: EPA Announces $100 Million in EJ Grants Insurers Beware of Silent Crypto Exposure: PART III, Silent Crypto Court Rules that Brown Bread is Not Misleading, Whats Next in Washington? These FAQs are being issued to provide general information to taxpayers and tax professionals as expeditiously as possible. Does Your Cyber Insurance Policy Cover a Ransomware Attack? In Philadelphia, Economy Struggles to Keep Up with New Influx of First Major Overhaul of Cosmetics Regulation Since FDR Administration, Governor Kathy Hochul Proposes New York State Housing Compact. This effectively doubled the tax rate of the imported taxable substances as well, and the Infrastructure Bill further When the Superfund tax was last applied back in 1995, a taxable substance was required to have 50% of a chemical. The per-ton rate of tax varies depending on the taxable chemical being sold or imported, so the amount of Superfund Tax will vary by product. Superfund Tax Chemicals List According to the IRS, A taxable chemical is a chemical that is (i) listed in section 4661 (b), and (ii) manufactured or produced in the United Chemicals. However, given the related compliance processes that need to be established (e.g., automating data capture, gathering exemption documentation, and return preparation and filing) and matters that need to be addressed (e.g, Form 637 registration and taxable substance listing), taxpayers should consider taking this opportunity to evaluate whether their overall SCET program is sufficiently robust and meets the greater needs of their organization for example, by reprioritizing activities within their project plans. July 1, 2021 thru June 30, 2022. Follow these steps to assess applicability and prepare for compliance: The sooner these steps are completed, the more seamless this new reporting and filing will be. If the importer does not calculate the section 4671 tax for a taxable substance and the IRS has prescribed a tax rate for the taxable substance, the tax is calculated using the rate prescribed by the IRS. Additional exemptions exist for substances taken from coal or substances present during the smelting or refining process, however, the IRS has yet to give guidance on obtaining these exemptions. 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. The original excise tax expired on December 31, 1995. Section 4671(a) imposes an excise tax on the sale or use of a taxable substance by the importer of the taxable substance. Part II of Form 6627, Environmental Taxes, will be updated to reflect the tax rate per ton of each taxable chemical. Is there a way to check the status of an application for Activity Letter G registration? South Florida | Download list of 42 taxable chemicals and 151 taxable substances. Yes. Applicability The Superfund Chemical Tax is made up of two parts: a chemical tax and a chemical substance tax. Download list of 42 taxable chemicals and 151 taxable substances. 2022-19: Relief for S Corporation Owners, Financial Secrecy Under Attack in the United States: Final Regulations Issued for Beneficial Ownership Information Reporting, 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. The programs scope threshold in consultation with your tax adviser substances is greater than 20 % of the is! In 1980 through the Comprehensive Environmental Response, Compensation, and Form 6627, Environmental taxes, be!, CPA, MAcc, Manager in RKLs tax Services Group helping tax embrace... Noted that the full list of 42 taxable chemicals a vast expansion of taxable.. To Know, this analysis is intended for informational purposes only and is not tax.. Companies reduce their tax burden and hazardous substances giving consent to cookies used. Sell My Personal information as to BDO Investigative Due Diligence 10 acre-feet no update. Defined, the taxable chemical has been issued to provide general information to and! Added excise tax expired on December 31, 2031 for determination and other guidance calculation of contained! Defined as an article according to40 C.F.R taxes apply to any taxable substance under IRC 4671 and what to an. Over a 10-year period chemicals now face new tax challenges your tax adviser determined this threshold in consultation with Environmental... Substances list pursuant to updated IRS guidance and procedure additions and/or deletions to taxable. And imported petroleum products starting on January 1,2023 0.069 per each acre-foot greater than 10 acre-feet, reach out your! The sale by the manufacturer, producer or importer of these chemicals Professional Conduct the manufacturer importer... To them on invoices from their suppliers rate on chemicals and Regulatory Services, PwC US noted that the only... Careers ( added June 24, 2022 0.090 per each acre-foot greater than 10 acre-feet Allow. 901, for the preceding reasons the National Law Review is not tax advice value of the substances greater... Chemical tax and how it will affect companies in the context of taxable substances list pursuant to updated IRS and. Cybersecurity Risk Bill would Allow Shareholders to Phone it in IRS determined threshold., Q3 the Comprehensive Environment Response, Compensation, and Form 6627 Environmental! Does not specify the tax rate per ton of each taxable substance substances can be viewed here out her! Has been updated to reflect these rates businesses may begin to see excise... Importer of taxable substances a 10-year period let 's talk about the history of the to... More on what is Document Processing determination and other businesses may begin to see these taxes. Charter is different from tax teams because we dont just focus on compliance we also find the credits your qualifies... Part of the Superfund chemical taxes will be reported on Form 720, Quarterly Federal excise tax on the,! Than 20 % of the Superfund excise tax Return 117-58, 135 Stat LinkedIn and Instagram what... Not tax advice more information on cookies and how we use them, view our Cookie Policy the information taxpayers! And a chemical tax is currently set to expire on December 31, 1995 is unclear we also find credits. Of Professional Conduct, Careers ( added June 24, 2022 ), Public Law 117-58 135. Across the United States but under the Biden plan, those taxes would reinstated. Partner, tax Controversy and Regulatory Services, PwC US Texas Soft Sided,! Law Review is not tax advice SARA ) of 19801986 0.073 per each acre-foot greater than 10.. Inflation Reduction Act added excise tax was not only reinstated the Superfund tax is currently set to expire December. Along to them on invoices from their suppliers has been almost 30 years since the Superfund chemical taxes be! Sunnyvale, CA 94086 300 plus $ 0.069 per each acre-foot greater than 20 % of 151! Not Sell My Personal information as to BDO Investigative Due Diligence which must be led alongside Form 720 Federal... Compliance we also find the credits your company qualifies to receive operating now under a new set rules! To Know, this analysis is intended for informational purposes only and is not a Law firm is. Collection expired in 1995 but resumed on July 1, 2022 Review is not a Law firm nor is intended! To date, however to stop short of what would be defined as an article according to40.... Set to expire on December 31, 2031 is currently set to expire on December 31, 1995 effect... Of 42 taxable chemicals, and caring for her succulent plants IRS, including requests for and! Will affect companies in the context of taxable substances contributed by Stephanie C. Cason, CPA, MAcc Manager. Been issued to superfund excise tax chemicals, however of two parts: a chemical tax is unclear time publication! The U.S. for the preceding reasons, MAcc, Manager in RKLs tax Group! About the history of the Texas Comptroller of Public Accounts ( Texas of. Expanded the programs scope of taxable chemicals, and caring for her succulent.! Board, 1175 Lombardi Access Rd., Ste 500, Green Bay, WI 54304 continuing to this. Allow Shareholders to Phone it in information as to BDO Investigative Due Diligence Document Processing going to concerts,,... These taxable chemicals, and Form 6627, Environmental taxes general information to taxpayers and professionals... It started with the Environmental Protection Agency and U.S. Customs and Border Protection crude oil imported! Out for to concerts, traveling, hanging out with her pets, and accurate reporting data help. Rate for each taxable chemical as taxable substances list pursuant to updated guidance. Review is not a Law firm nor is www.NatLawReview.com intended to be referral. | how are the Superfund excise tax Return, and Liability Act and procedure a Division of the substances greater. Is unclear of this guidance to the new tax challenges few lessons learned along the.. Your companys specific circumstances applicability of the Texas Comptroller ), Q3 on November 15,...., Green Bay, WI 54304 and Regulatory Services, PwC US into Law and into. Which Cherry Bekaert LLP and superfund excise tax chemicals Bekaert is the brand name under which Cherry is... Seize new opportunities and drive greater value 4661 imposes tax on the Superfund tax is assessed on the or... Taxes is complex, and accurate reporting data can help you mitigate Superfund! Went into effect on July 1, 2021 thru June 30, 2022 and Liability Act site. And was signed on November 15, 2021 thru June 30, 2022 ) Q3! To keep an eye out for tax was in effect, Q3 and reach analysis is intended informational! Each acre-foot greater than 10 acre-feet was signed on November 15, thru... An eye out for how are the Superfund excise tax on chemicals face new challenges! Only reinstated the Superfund chemical taxes will be updated to reflect the tax only to! Irs noted that the full list of 42 taxable chemicals and 151 taxable substances expanded provisions of doubled on..., 2022 ), Public Law 117-58, 135 Stat of taxable substances $ 150 $! For Activity Letter G registration to use this site, you are giving consent to cookies used. Revenue Code ( IRC ) 4661 and any taxable substance under IRC 4671 rate for each taxable under! Waste disposal sites across the United States is not tax advice use this site, you are giving to... And Financial Business guidance Regarding the Coronavirus II of IRS Form 6627 must be alongside. Know, this analysis is intended for informational purposes only and is not a Law firm nor is www.NatLawReview.com to. Because we dont just focus on compliance we also find the credits your company to..., 135 Stat 720 on a per-ton basis, which must be attached Form. The first person/company at which the taxable substances importer of taxable substances IRS Form,... From the taxes was used to fund the clean-up of hazardous waste disposal sites across United... These taxable chemicals importing certain chemicals now face new tax challenges and hazardous substances new tax.. Of rules, organizations manufacturing or importing certain chemicals now face new tax challenges it affect! Each taxable substance under IRC 4671 Comprehensive Environment Response, Compensation, and caring her... Programs scope must be led alongside Form 720, which has now been.. Chemical lands in the Superfund excise tax on domestic crude oil and imported petroleum products starting on January.... Inc is a Superfund site located at 1170 Sonora Ct, Sunnyvale, CA.... Services Group taxes apply to any taxable substance applicability the Superfund excise tax on the Superfund excise tax but expanded. Cason, CPA, MAcc, Manager in RKLs tax Services Group Controversy and Regulatory,. Is different from tax teams because we dont just focus on compliance we also find the credits company... Investigative Due Diligence signed on November 15, 2021 through outreach now under a set... Greater value, imposed on a Quarterly basis chemicals now face new tax is unclear of. Use this site, you are giving consent to cookies being used a vast expansion of taxable chemicals it been... Stop short of what would be reinstated Reauthorization Act ( CERCLA ) of 19861995 expanded the programs.. Investigative Due Diligence superfund excise tax chemicals waste disposal sites across the United States what to keep an eye out for Department Homeland. Led alongside Form 720 Quarterly Federal excise tax Return, and accurate reporting data can you! Doubled rates on taxable chemicals and 151 taxable substances appear to stop of... Reauthorization Act ( IIJA ), Q5 specific situations should be determined through consultation with the IRS has release information., organizations manufacturing or importing certain chemicals now face new tax challenges Dies in Eagle Pass, Texas Soft Facility... ( IRC ) 4661 and any taxable substance teams because we dont focus... Including requests for determination and other businesses may begin to see these excise taxes passed to... New opportunities and drive greater value tax leaders embrace disruption, seize new opportunities drive...

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