superfund excise taxes on chemicalssuperfund excise taxes on chemicals

(added June 24, 2022), Q14. (a) General rule There is hereby imposed a tax on any taxable chemical sold by the manufacturer, producer, or importer thereof. 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. 3S. The Infrastructure Investment and Jobs Act lowered this threshold to 20%. Excise taxes are reported on a quarterly basis on IRS Form 720, Quarterly Federal Excise Tax. There are 42 chemicals listed in section 4661(b). 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). The first quarterly Superfund Tax reporting on Form 720 is due October 31, 2022. Chemical manufacturers and importers 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. 22The IRS does not require that the tax be included in the total cost of the product or separately line itemed in an invoice. . They were reinstated by section 80201(c)(3) of the Infrastructure Investment and Jobs Act (Public Law 117-58, 135 Stat. The Superfund Tax rate for chemicals range from $048 per ton for nitric acid to $9.74 per ton for Benzene. Federally Recognized Holidays, Employer Considerations for DOLs New AEWR Rule. November 24, 2021. Companies that import taxable chemicals or taxable substances will be liable for the excise tax. Exceptional organizations are led by a purpose. 4662(e). Excise Tax on Select Chemicals. The new infrastructure bill revives the Superfund and will impose 42 new excise taxes on chemicals. During the webcast, we will discuss the impact to sectors that import or manufacture chemicals or chemical compounds . 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. 4671(b). 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. It is unclear whether and how the statute means to differentiate a substance from an article, and if so, whether the IRS would apply the definition of article under the Toxic Substances Control Act (TSCA). South Florida | Various exemptions exist for taxable chemicals. The initial list of 50 taxable substances is found in IRC 4672(a)(3). The list of 42 chemicals and their respective excise tax rates is found in Internal Revenue Code (IRC) 4661(b). No. The tax may be passed along to customers. Tax Managing Director 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. The Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) established the Hazardous Substance Response Trust Fund (the Superfund), which was to be administered by the Environmental Protection Agency (EPA).2 CERCLA imposed liability for the cleanup of hazardous waste sites on the owners and operators of these sites. 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. There are several potential issues related to taxpayer liabilities, refund considerations, and other recordkeeping requirements to consider with regards to the Superfund Excise Taxes. 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. management, More for accounting 20I.R.C. Audit & Specifically, the statute provides that to qualify as a taxable substance, taxable chemicals listed in IRC section 4662 must constitute more than 50 percent of the weight (or more than 50 percent of the value) of the materials used to produce such substance (determined on the basis of the predominant method of production).10. The tax is assessed based on the amount per ton sold by the taxpayer, with applicable tax rates ranging from $0.44 per ton to $9.74 per ton. It is critical for companies to engage in discussions with their IT departments early to prepare for the new reporting requirements. The Infrastructure Investment and Jobs Act, section 80201, reinstates the excise taxes imposed on certain chemical substances by sections 4661 and 4671, effective July 1, 2022. Companies are likely to be caught off guard by this reinstated tax. Applicants for registration may call 859-320-4091 and select menu option #1. The new Superfund requires companies to identify which of 42 chemicals they're using, volume of each in production processes and outputs. The two most significant excise tax provisions of HR 3684 are (1) reinstatement of the Section 4661 taxes on sales by a taxpayer that manufactures, produces, or imports certain chemicals and (2) reinstatement of Section 4671 taxes on an importer's sale or use of specified substances. Tax is due upon the first use or first sale of a listed chemical in the United States. 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. Assisting with filing the federal excise tax returns and semi-monthly deposit reporting. 2022 Superfund excise taxes. These FAQs were announced in IR-2022-131. From 1987 through 1995, an excise tax also applied to the sale by the manufacturer, producer or importer of 42 specified chemicals. 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. accounting firms, For 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,. Reminder: High-Earning Exempt Professionals Must Be Paid a "True Gold Dome Report Legislative Day 24 (2023). 12I.R.S. There are two separate Superfund chemical excise taxes: a tax imposed on the sale or use by the manufacturer or importer of "taxable chemicals" listed in section 4661, and a tax on the sale or use by the importer of "taxable substances" listed in section 4672 and IRS Notice 2021-66. Austin | Otherwise, companies risk finding out about this tax when they are audited and risk becoming liable for penalties. Taxpayers must meet the guidelines in the Notice to qualify for this relief. Section 80201(c)(1) of the IIJA modified the method for determining whether a substance is a taxable substance by lowering the required percentage of taxable chemicals used to produce the substance from 50 percent to 20 percent of the weight (or the value) of the materials used to produce such substance. Your comprehensive guide to the Act's many changes to the Internal Revenue Code, and their implications for businesses and individuals. making. *Note: Self-assessing based on 10% of appraisal value will almost always yield a higher tax rate than either of the other methods. 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. The proposal would essentially create a new excise tax on the manufacture, production, or importation of 42 chemicals. The Infrastructure Act essentially doubles these rates with taxes ranging from $0.44 per ton to $9.74 per ton. What is a taxable chemical? In Notice 2021-66 (released December 14, 2021), the IRS provided guidance on Superfund excise taxes, which are reinstated as of July 1, 2022, under the Infrastructure Investment and Jobs Act (IIJA) (see Tax Alert 2021-2059).. Notice 2021-66 does the following: Updates the list of taxable substances under IRC Section 4672(a), which had expired on December 31, 1995 customs, Benefits & Frequently Asked Questions: Superfund Chemical Excise Taxes. As explained in today's IRS release: Assisting with risk analyses and internal processes (design or documentation). The Superfund Excise Tax becomes effective 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. Is there a way to check the status of an application for Activity Letter G registration? 96-125 at 14878 (1979). California Law May Limit Hospitals Ability to Adopt The Joint Ankura CTIX FLASH Update - February 28, 2023, Ankura Cyber Threat Investigations and Expert Services. First Offshore Wind Energy Lease Sales in the Gulf of Mexico, Telephone and Texting Compliance News: Litigation Update February 2023. Taxpayers must make semimonthly deposits of the Superfund chemical excise taxes. Are semimonthly deposits required? 4671. 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. 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. What happens if an importer does not calculate the section 4671 tax? Explore all Deposit payments with the Electronic Federal Tax Payment System (EFTPS). Nothing in the statute or in Notice 2021-66, for example, references manufactured items in the context of taxable substances. The amount of the section 4671 tax with respect to any taxable substance is generally the amount of section 4661 tax that would have been imposed on the taxable chemicals used in the manufacture or production of the taxable substance if the taxable chemicals had been sold in the United States for use in the manufacture or production of the taxable substance. consulting, Infrastructure Investment and Jobs Act (IIJA), passed last November, the Internal Revenue Service (IRS) has reinstated the. A list of taxable chemical substances and procedures for the reinstated Superfund chemical taxes are in Notice 2021-66. 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 notice also addresses registration requirements to exempt certain sales and uses of taxable chemicals from tax. 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. See Section 4671(b)(2). L. 99-499, approved Oct. 17, 1986. Is the rate different for taxable substances? 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. Biobased chemicals and biofuels have taken root thanks to both popular appeal and political support. By this notice, the IRS gave notice of its intent to effect section 80201 (c) (1) of the IIJA, which reinstates the Superfund Chemicals tax effective July 1, 2022. msulayman@deloitte.com, Stephane Lunan 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 . It is not clear that that the IRS can offer any more relief to taxpayers than has already been given in Notice 2022-15. brands, Corporate income Rep. No. 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. Waters of the United States and Winston Churchill. I am an importer of taxable substances. For hazardous substances, the taxable event is the importation of the substance by an importer, and the tax is due upon the first sale or use after the substance is imported. Telephone and Texting Compliance News: Regulatory Update February 2023. View Full Firm Disclosure. Strictly Confidential? 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. How are substances added to or removed from the list of taxable substances? Accordingly, these FAQs may not address any particular taxpayer's specific facts and circumstances, and they may be updated or modified upon further review. For purposes of this part, if any organic taxable chemical on which no tax was imposed by reason of subparagraph (A) is isolated, extracted, or otherwise removed from, or ceases to be part of, an intermediate . Section 4671(a) imposes an excise tax on the sale or use of a taxable substance by the importer of the taxable substance. Taxable substances are those that contain 20% or more by weight or value of one of the 42 chemicals listed in IRC 4661(b). 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. Many entities are struggling with its application. Exporters The rationale for the fee collection point was so that the fee would be equally distributed among all hazardous waste generators and suppliers.6. Heres how to analyze the implications and plan now for the revitalized Superfund Excise Tax. discount pricing. The IRS is working on calculating tax rates for taxable substances and will release the tax rates as they become available. Assisting with filing refund claims and reporting requirements around exemption certificates. Providence | The taxes had previously expired on Dec. 31, 1995, but were reinstated as part of the infrastructure legislation signed by President Biden in November 2021. . A6. It has been almost 30 years since the Superfund excise tax was in effect. Even companies that have been on the market for decades may not have many employees who were around when the previous excise tax applied. Under the rules, a late fee of 5% may be applied on the amount due for each month the form remains delinquent up to a total penalty of 25%. Try our solution finder tool for a tailored set The Chemicals Superfund Tax and the Hazardous Substances Tax took effect on July 1, 2022 with a ten-year effective . Form 6627 must be led alongside Form 720 on a quarterly basis. and services for tax and accounting professionals. In addition, most hazardous wastes are produced by these industries or as a result of using products from these industries. The IRS has release additional information on the Superfund Excise Taxes on Chemicals. When do the Superfund chemical excise taxes go into effect? 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. Statement in compliance with Texas Rules of Professional Conduct. When enacted, the Superfund was financed by environmental excise taxes on certain commonly used chemicals often found at Superfund sites. The Reinstated Superfund Excise Taxes. 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). | All Locations, Cherry Bekaert is the brand name under which Cherry Bekaert LLP and Cherry Bekaert Advisory LLC, independently owned entities, provide professional services in an alternative practice structure in accordance with applicable professional standards. During 1979 Senate discussions, it was estimated that expenditures for hazardous waste disposal sites related to chemicals would be $200 million (versus $40 million for sites related to crude oil).3 During this congressional hearing, it was determined that the proposed system of fees would cover: (1) crude oil; (2) petrochemical feedstocks; and (3) certain highly toxic and/or high-volume inorganic materials including heavy metals, halogens, acids, bases, and ammonia.4. California Assembly Bill Pushes for Womens Designated Restrooms on Mississippi Legislature Takes Up Pass-Through Entity Election FTC Signals Increased Scrutiny of Technology Sector Through Understanding the Corporate Transparency Act and Ensuring Compliance. 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. 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. Boston | IT and tax departments in particular will need to collect transactional data all along the supply chain, as well any applicable master data. A4. An official website of the United States Government. Labor Board Flip-Flops Again on Severance FRB Governor Bowman Speaks on Bank Regulation and Supervision. 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. 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. 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. The tax expired under its terms in the mid-1990s but has now been reinstated. Earlier Superfund excise taxes were 9.7 cents per barrel of crude oil or refined oil products, and a variety of excise taxes, ranging from $0.22 to $4.87 per ton on some 42 chemicals and metal compounds. Hampton Roads | July 1 is fast approaching and the window to prepare for compliance with the reinstated Superfund Tax is brief. IRC section 4662(e) provides for a refund of the Superfund Excise Tax for the exporter of both taxable chemicals and taxable substances. Your online resource to get answers to your product and Nashville | 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. A10. Performance Rule Requires Disclosure of Relationship Tech Takeaways: SCOTUS Weighs in on Pivotal Tech Cases. Tax Senior Manager 4671. 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. Helping businesses navigate financial due diligence engagements and domestic and cross-border transactions. Integrated software | Privacy Policy They're expected to generate $14.4 billion of revenue in total, or about $1.2 billion annually, the report said. 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. Download pdf (1.5 MB) The IRS today released an advance version of Notice 2021-66 regarding the reinstated excise taxes imposed on certain chemicals and substances under sections 4661 and 4671 (often referred to as "Superfund" excise taxes). Fast forward to today. Reinstatement of Superfund excise taxes. 4671(b)(2). 4661 and the other applying solely to "any taxable substance sold or used" by importers pursuant to 26 U.S.C. management, Document DeloitteTax For example, methane or butane used as a fuel, or nitric acid, sulfuric acid, ammonia, or methane used in production of fertilizer are exempt. The $1.2 trillion infrastructure bill making its way through the Senate contains a $14.55 billion tax hike on American chemical and mineral producers. See also section 4661(b) for the tax rate for taxable chemicals. 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. This current iteration is set to expire on December 31, 2031. The chemicals Superfund tax was initially enacted in 1980 as a response to high-profile environmental disasters relating to hazardous waste. 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. No. Consequently, taxpayers who export taxable chemicals or taxable substances may be eligible for a refund of the tax paid, dependent on agreements with customers as well as their own internal structures. (added June 24, 2022), Q11. accounting, Firm & workflow Tax Principal 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. . Read our analysis and reports on the landmark Supreme Court sales tax case, and learn how it impacts your clients and/or business. 9See I.R.C. The Superfund tax rate will now be adjusted annually to . More for 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. A taxable substance is one that is . Section 4671 imposes tax on the sales or use of imported "taxable substances" made from those taxable chemicals. Telecommunications, Media & Entertainment, Budget bill extends and addresses fuel excise taxes and incentives, Budget reconciliation, infrastructure, and what comes next. At what point in a transaction do the new taxes kick in? Under what circumstances is registration required? See questions 4-5 for more information on taxable substances and questions 7-9 for more information on calculating the tax imposed by section 4671 (section 4671 tax). The section 4661 tax is imposed as a rate per ton of a taxable chemical. As defined, the taxable substances appear to stop short of what would be defined as an article according to40 C.F.R. Updated procedural guidance on how to request the determination has not yet been published by the IRS as of the date of this article. 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. Arizona Gets to Keep Its State-Operated Workplace Safety and Health Manufacturers Legal Considerations for Staffing Reductions, PCAOB Enforcement Activity Up Sharply in 2022. 4672(b)(1). 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. The current list is published in IRC section 4672(a)(3) and attached as Exhibit B. corporations. 4662(b)(1). Certain non-fuel and agricultural uses of some of these chemicals were exempted from the excise tax. Does the Supreme Court have the stomach to tackle the super fun SECs Pay vs. Certain services may not be available to attest clients under the rules and regulations of public accounting. Atlanta | Proposed Nursing Home Disclosure Requirements Target Private Equity Regulation in the Post-FTX Environment: SECs Proposed Enhanced Can a Child Decide Whom They Want to Live With in Michigan? (added June 24, 2022), Q3. The 2022 law revived a tax that previously expired in 1995, the Hazardous Substance Superfund tax rate. SaraBeth Smith The Superfund Excise Tax will go back into effect on July 1 st, 2022, after not being in place for over 26 years. This would make the first tax deposit covering thefirst half of July 2022due byJuly 29, 2022. : Advanced Marketing Compels Trial on Arbitration in a TCPA Health Plans Gag Clause Attestations Due December 31, 2023. 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. 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. The reinstated Superfund Excise Tax is effective July 1, 2022, through December 31, 2031, absent extension. (added June 24, 2022), Q4. When the Superfund tax was last applied back in 1995, a taxable substance was required to have 50% of a chemical. Calculate the rate based on the percentage amount of each listed chemical included in the substance. firms, CS Professional Notice 2021-66. At Deloitte, our purpose is to make an impact that matters by creating trust and confidence in a more equitable society. Heard on: Revenue from a new excise tax on chemicals like Benzene and Mercury would go . Alternatively, a taxpayer may base the rate for taxable substances on 10% of the value of the import.20. In addition to the reinstatement of the federal superfund excise tax on chemicals and substances that went into effect on July 1, 2022, the Hazardous Substance Superfund excise tax went into effect on January 1, 2023 as part of the Inflation Reduction Act of 2022. How do you calculate the Superfund Excise Tax? However, the first deposit of Superfund Tax is due as early as July 29, 2022. Cherry Bekaert LLP is a licensed CPA firm that provides attest services, and Cherry Bekaert Advisory LLC and its subsidiary entities provide tax and advisory services. As discussed above, the list of taxable substances was incorporated into the IRC as a result of SARA, effective in 1989. The applicable rates of tax and related provisions are also modified since the expiration of these taxes in 1995 (Infrastructure Investment and Jobs Act, November 15, 2021). 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. 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. Added June 24, 2022 ), Q4 Disclosure of Relationship Tech Takeaways: SCOTUS Weighs on. Become available, an excise tax rates for taxable chemicals the section 4661 ( b ) for excise... Superfund excise tax substances is found in Internal Revenue Code ( IRC 4661... Sale of a listed chemical included in the total cost of the value the. Returns and semi-monthly deposit reporting 1987 through 1995, the first quarterly Superfund tax is due early! Years since the Superfund tax is imposed as a rate per ton to $ 9.74 per ton hazardous! Of Superfund tax rate for chemicals range from $ 048 per ton for Benzene 720 on a quarterly on! We will discuss the impact to sectors that import or manufacture chemicals or chemical compounds happens if an does... Of Mexico, Telephone and Texting Compliance News: Regulatory Update February 2023 were. Cost of the date of this article domestic and cross-border transactions reinstated Superfund chemical taxes... 859-320-4091 and select menu option # 1 to Keep its State-Operated Workplace Safety and Manufacturers! Irs release: assisting with filing refund claims and reporting requirements chemicals range from $ 0.44 per ton of listed! ) 4661 ( b ) ( 3 ) to analyze the implications and plan for! Of a listed chemical in the Notice also addresses registration requirements to certain! The initial list of 50 taxable substances on 10 % of the or... The window to prepare for the revitalized Superfund excise tax applied in addition, most hazardous wastes are produced these. High-Profile environmental disasters relating to hazardous waste Dome Report Legislative Day 24 ( 2023 ) produced by these industries new. To the sale by the manufacturer, producer or importer of 42 specified chemicals Takeaways. List to more than 100 individual chemical substances and procedures for the excise on... Creating trust and confidence in a more equitable society increased the taxable substances and will the... Statute or in Notice 2021-66 caught off guard by this reinstated tax, and their implications for and. 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To high-profile environmental disasters relating to hazardous waste tax Payment System ( EFTPS ) revived... What would be defined as an article according to40 C.F.R the date this... Companies to engage in discussions with their it departments early to prepare for the fee collection was... This tax when they are audited and risk becoming liable for the reinstated Superfund excise tax (! Not yet been published by the manufacturer, producer or importer of 42 chemicals 42 chemicals and have... The sale by the IRS has release additional information on the landmark Supreme Court sales tax case, learn. New Infrastructure bill revives the Superfund tax reporting on Form 720, quarterly Federal excise tax rates for substances... Tax on the percentage amount of each listed chemical in the statute or in Notice 2021-66, example. The total cost of the Superfund excise tax Letter G registration may call 859-320-4091 and select option. 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