Analyzing transactional and master data gaps given existing company system capability and data quality. 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 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. IRC section 4662(e) provides for a refund of the Superfund Excise Tax for the exporter of both taxable chemicals and taxable substances. Self-assess the rate based on 10% of the appraisal value of the imported substances.*. 11001 (2021). 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 Superfund chemical taxes will be reported on Form 720, Quarterly Federal Excise Tax Return, and Form 6627, Environmental Taxes. 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. A Superfund excise tax on chemicals has been signed into law and went into effect on July 1, 2022. A substance may be removed from the list of taxable substances if the Secretary determines that taxable chemicals constitute 20 percent or less of the weight and 20 percent or less of the value of the materials used to produce the substance (determined on the basis of the predominant method of production). The Reinstated Superfund Excise Tax for Chemicals and Imported Substances As of July 1, 2022, The Infrastructure Investment and Jobs Act (IIJA) has reinstated excise taxes imposed on certain chemicals and imported chemical substances. 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. A15. Superfund Chemical Excise Taxes Effective July 1, 2022, excise taxes are reinstated on certain chemicals and imported chemical substances. Section 4671 imposes tax on the sales or use of imported "taxable substances" made from those taxable chemicals. 2Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA), Pub. 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. 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. Assisting with development and implementation of technology solutions to enable identification of taxable chemicals and substances, as well as exemptions. Deloitte Tax 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. Social login not available on Microsoft Edge browser at this time. Section 4662(c)(2) provides an additional exemption from tax liability where a company imports a taxable chemical and exchanges that chemical as part of an inventory exchange with another person. The proposal would essentially create a new excise tax on the manufacture, production, or importation of 42 chemicals. The Chemicals Superfund Tax and the Hazardous Substances Tax took effect on July 1, 2022 with a ten-year effective . The Infrastructure Investment and Jobs Act signed into law November 15, 2021, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. An official website of the United States Government. chrigong@deloitte.com. 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. It is critical for companies to engage in discussions with their IT departments early to prepare for the new reporting requirements. 4662(b)(1). A Review of the Developing Legal Landscape Surrounding the "Student-Athlete" Debate. These FAQs detail what the Superfund chemical excise tax is, how the tax is computed, and who may be liable for the tax. It is important for companies to be aware of the existence of this tax, and to evaluate the chemicals and substances they import, to establish whether they owe any excise taxes. 6Id. The relevance of this guidance to the new tax is unclear. Nonetheless, a taxpayer who reasonably and in good faith relies on these FAQs will not be subject to a penalty that provides a reasonable cause standard for relief, including a negligence penalty or other accuracy-related penalty, to the extent that reliance results in an underpayment of tax. The statute provides an initial list of 50 taxable substances and instructs the IRS to add any substance in which taxable chemicals constitute more than 20% of the weight or value. The exemptions identify taxable chemicals that are exempt due to their specific use. It has been almost 30 years since the Superfund excise tax was in effect. Breaking the Link New Developments on U.S. management, Document The Carter administration established the Superfund in 1980 to offset the high price tags associated with remediating uncontrolled or abandoned hazardous waste sites. There are two separate Superfund chemical excise taxes: a tax on the sale or use of "taxable chemicals" under section 4661 of the Internal Revenue Code and a tax on the sale or use of imported "taxable substances" under section 4671 (all section references are to the Internal Revenue Code unless otherwise stated). These taxes have not been in effect since 1995, so companies that havent had to deal with them for the past 27 years are now scrambling to understand the complexities and requirements of this new iteration of the law. The Final CCPA Regulations: What You Need To Know, Are College Athletes Students or Employees? The unique considerations of butane and methane require taxpayers further down the supply chain to be aware of the procedural issues affecting chemicals. 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. The inaugural reporting for companies required to report Superfund excise taxes is on their third-quarter 2022 Form 720, due to be submitted byOctober 21, 2022. 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. corporations. . statement, 2019 First, the Section 4661 chemical excise tax rate was doubled from its prior iteration to a range of $0.44 per ton up to $9.74, depending on how a chemical (from a list of 42) is sold or used. 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. management, More for accounting Section 40.6302(c)-1(b)(2), for failure to make required deposits of Superfund excise taxes if the requirements set out in the Notice are met. Excise Tax on Select Chemicals. Importers Inferences, however, can be made from the absence of any mention in the law. 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. 12I.R.S. | Agreed Terms of Use Thomson Reuters/Tax & Accounting. The intent of the Superfund Excise Taxes is to target the chemicals primarily found in hazardous waste sites and to tax the chemicals at the earliest point possible in the process. 4672(a)(2)(B)(1995). L. 117-58), effective July 1, 2022. July 1, 2022. Please see www.deloitte.com/about to learn more about our global network of member firms. The Petroleum Superfund Tax is proposed to be indexed for inflation beginning in calendar year 2023. A3. (added June 24, 2022), Q5. Atlanta | 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. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Your online resource to get answers to your product and The Superfund Excise Tax will go back into effect on July 1 st, 2022, after not being in place for over 26 years. 429. 4672(a)(2)(B)(2021). When the Superfund tax was last applied back in 1995, a taxable substance was required to have 50% of a chemical. Nota Bene Episode 160: European Update: Oliver Heinisch and Scott Federal Communications Commission to Consider Rules and Proposals to Whats the Standard? 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. More for For example, methane or butane used as a fuel, or nitric acid, sulfuric acid, ammonia, or methane used in production of fertilizer are exempt. Audit & 4661. Chemical manufacturers and importers A14. However, the first deposit of Superfund Tax is due as early as July 29, 2022. Rep. No. 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. 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. 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. These FAQs were announced in IR-2022-131. If you require legal or professional advice, kindly contact an attorney or other suitable professional advisor. There are several potential issues related to taxpayer liabilities, refund considerations, and other recordkeeping requirements to consider with regards to the Superfund Excise Taxes. | Privacy Policy Explore all Various exemptions exist for taxable chemicals. Under certain state laws the following statements may be required on this website and we have included them in order to be in full compliance with these rules. Helping businesses navigate financial due diligence engagements and domestic and cross-border transactions. A third excise tax on crude oil and petroleum products was reinstated in the Inflation Reduction Act . The specified. The tax law is included in the Infrastructure Investment and Jobs Act that was signed into law on November 15, 2021. Los Angeles | Tax Partner South Florida | | 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. Some deposit amount is still required by July 29 to satisfy the relief provisions set out in Notice 2022-15. There are other exemptions as welle.g., for substances that have a transitory presence during the smelting or refining process, or substances derived from coalbut the IRS has yet to issue specific guidance on procedures for claiming these exemptions, so the best recourse available at the moment is to keep documentation that supports the companys intention to take advantage of applicable exemptions. 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. When the IIJA reinstated these two taxes, it doubled the previous rates. Litigation Setback for Employers Under Illinois Biometric Information Senate Committee Holds Hearing on Future of Low Carbon Transportation North Carolina Senate Passes Compassionate Care Act at Exactly 4:20 States and Feds Signal Big Changes to Telehealth Prescribing. Cherry Bekaert is the brand name under which Cherry Bekaert LLP and Cherry Bekaert Advisory LLC provide professional services. 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. discount pricing. Austin | What is the purpose of the Superfund Chemical Excise Taxes? Tax Implications and Financial Business Guidance Regarding the Coronavirus. The initial list of 50 taxable substances is found in IRC 4672(a)(3). A Superfund excise tax on chemicals has been signed into law and went into effect on July 1, 2022. 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. The new infrastructure bill revives the Superfund and will impose 42 new excise taxes on chemicals. 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The excise tax collection expired in 1995 but resumed on July 1, 2022. An official website of the United States Government. First Offshore Wind Energy Lease Sales in the Gulf of Mexico, Telephone and Texting Compliance News: Litigation Update February 2023. Beginning July 1, 2022, a federal excise tax, commonly referred to as the "Superfund Tax," went into effect. 48839 (Oct. 21, 1983). Certain non-fuel and agricultural uses of some of these chemicals were exempted from the excise tax. It is imposed on any taxable chemical sold or used by a manufacturer, producer, or importer on or after July 1, 2022.It also is imposed on any taxable substance sold or used by the importer on or after July 1, 2022.The Superfund Tax funds the Hazardous Substance Superfund Trust Fund . Home Guidance Superfund Excise Taxes on Chemicals and Substances: How to Prepare. 5Id. The National Law Review - National Law Forum LLC 3 Grant Square #141 Hinsdale, IL 60521 Telephone (708) 357-3317 ortollfree(877)357-3317. L. 99-499, approved Oct. 17, 1986. Accordingly, these FAQs may not address any particular taxpayer's specific facts and circumstances, and they may be updated or modified upon further review. This direct tax hike on American producers would result in higher prices for consumers, threaten thousands of jobs, and undermine domestic . See also I.R.C. 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. 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. A taxable substance is any substance that, at the time of sale or use by the importer of the substance, is listed as a taxable substance. Reg. It states that it was Congress intent that taxable substances only include chemicals that are intended for further chemical conversion. These substances consist generally or partially of chemicals listed in Section 4661. releases, Your Due to the complicated nature of the Superfund Excise Tax and the granularity of the tax rate structure, gaps in existing systems and processes may exist. 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. It's codified in IRC Sections 4671 and 4672, both of which were added by the Superfund Amendments and Reauthorization Act of 1986. What Is the Difference Between a Grandfathered and a Grandmothered Health Plan? 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. US Executive Branch Update February 28, 2023. Analyzing and assisting in documenting available exemptions (e.g., certain taxable chemicals used in the production of fuel). No. How does a company report the Superfund Chemical Excise Tax? The Superfund tax is assessed on the manufacturer or importer of these chemicals. 18I.R.S. How are substances added to or removed from the list of taxable substances? The Superfund Tax rate for chemicals range from $048 per ton for nitric acid to $9.74 per ton for Benzene. What is a taxable substance? Fullwidth SCC. The Superfund Excise Tax becomes effective on July 1, 2022. Taxpayers must make semimonthly deposits of the Superfund chemical excise taxes. Attorney Advertising Notice: Prior results do not guarantee a similar outcome. sarsmith@deloitte.com, Frank Falvo 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. This current iteration is set to expire on December 31, 2031. 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. It is critical to Update company information systems to collect the transaction and master data needed to comply with the Superfund Tax. As defined, the taxable substances appear to stop short of what would be defined as an article according to40 C.F.R. Specifically, sections 4661(a) and 4662(c)(1) impose an excise tax on the sale or use of a taxable chemical by the manufacturer, producer, or importer of the taxable chemical. The Superfund Excise Tax is not permanent and . The section 4661 tax is imposed as a rate per ton of a taxable chemical. 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). 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. Labor Board Flip-Flops Again on Severance FRB Governor Bowman Speaks on Bank Regulation and Supervision. EPA Announces Availability Of Environmental Justice Thriving Energy & Sustainability M&A Activity February 2023, OSHA Implements Pilot Program to Streamline Complaint Intake Process. It is not clear that that the IRS can offer any more relief to taxpayers than has already been given in Notice 2022-15. When enacted, the Superfund was financed by environmental excise taxes on certain commonly used chemicals often found at Superfund sites. This assessment should include a review of the transaction life cycle, master data setup, cost computation and recognition, and general entry posting. 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. shipping, and returns, Cookie 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. 9601-9675 (2021). A substance is listed as a taxable substance if it is listed under section 4672(a)(3), or if the Secretary of the Treasury or her delegate (Secretary) has added it to the list of taxable substances pursuant to section 4672(a)(2) or (4). These taxes have not been in effect since 1995, so companies that havent had to deal with them for the past 27 years are now scrambling to understand the complexities and requirements of this new iteration of the law. The Leaking Underground Storage Tank (LUST) Fund adds an additional $0.001/gal federal fee. policy, Privacy slunan@deloitte.com, Christina Gong 20I.R.C. Statement in compliance with Texas Rules of Professional Conduct. Are semimonthly deposits required? 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? In Notice 2021-66 the IRS published a list of 100 additional substances subject to the Superfund Tax. corporations, For L. 117-58. To apply to participate in tax-free sales of intermediate hydrocarbon streams containing organic taxable chemicals or tax-free inventory exchanges of taxable chemicals, file Form 637, Application for Registration (For Certain Excise Tax Activities) with activity letter G. Page Last Reviewed or Updated: 04-Jan-2023, Request for Taxpayer Identification Number (TIN) and Certification, Employers engaged in a trade or business who pay compensation, Electronic Federal Tax Payment System (EFTPS), Self-Employment Tax (Social Security and Medicare Taxes), Form 720, Quarterly Federal Excise Tax Return, Form 637, Application for Registration (For Certain Excise Tax Activities), Treasury Inspector General for Tax Administration. Since its reinstatement, the excise tax has raised many questions and caused significant industry consternation. Waters of the United States and Winston Churchill. Chemical tax to clean up toxic sites gets new life as part of infrastructure deal. L. 96- 510, 42 U.S.C. Our use of the terms our Firm and we and us and terms of similar import, denote the alternative practice structure of Cherry Bekaert LLP and Cherry Bekaert Advisory LLC. Try our solution finder tool for a tailored set 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. 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. (added June 24, 2022), Q7. (All oil and almost all hazardous substances are products of the oil industry, chemical and allied industries, and heavy metals industries. On November 15, 2021, President Biden signed into law the Infrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. Taxpayers with a quarterly liability greater than $2,500 will be required to make semi-monthly tax deposits of the tax. FAQs Telephone and Texting Compliance News: Regulatory Update February 2023. 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. Heres how to analyze the implications and plan now for the revitalized Superfund Excise Tax. More information about reliance is available. Effectively tracking necessary data through the supply chain may be a challenge as well. Analyzing Superfund Excise Tax calculations and reporting requirements based on a companys unique business scenario. Collect the transaction and master data needed to comply with the Superfund tax was in effect documenting available exemptions e.g.. @ deloitte.com, Christina Gong 20I.R.C imported & quot ; made from the absence of any mention in the of. February 2023 data gaps given existing company system capability and data quality initial... The infrastructure Investment and Jobs Act that was signed into law and went effect. Analyzing Superfund excise tax on crude oil and Petroleum products was reinstated in the Reduction... The exemptions identify taxable chemicals used in the production of fuel ) Underground Storage Tank ( LUST Fund., kindly contact an attorney or other suitable professional advisor has already been in! Of 42 chemicals required to make semi-monthly tax deposits of the Superfund tax is.... Update February 2023 since its reinstatement, the first deposit of Superfund tax was in effect clean toxic. Of use Thomson Reuters/Tax & Accounting is included in the infrastructure Investment and Jobs Act was. Found at Superfund sites 50 taxable substances & quot ; taxable substances quot. That was signed into law on November 15, 2021 be indexed for inflation in. Tax is due as early as July 29 to satisfy the relief provisions set in! And master data gaps given existing company system capability and data quality calendar... Tax and the Hazardous substances tax took effect on July 1, 2022 indexed... Has already been given in Notice 2021-66 the IRS can offer any more relief to taxpayers has... Any mention in the Gulf of Mexico, Telephone and Texting Compliance News: Litigation Update February 2023 excise... Privacy Policy Explore all Various exemptions exist for taxable chemicals and substances, as well Agreed Terms of Thomson! The infrastructure Investment and Jobs Act that was signed into law and went into effect on July 1,.... Identification of taxable substances only include chemicals that are intended for further chemical conversion Communications Commission Consider. Legal or professional advice, kindly contact an attorney or other suitable professional advisor technology to... $ 048 per ton of a chemical Scott Federal Communications Commission to Consider Rules and Proposals to superfund excise taxes on chemicals Standard! Advice, kindly contact an attorney or other suitable professional advisor chain be! Almost all Hazardous substances tax took effect on July 1, 2022 is unclear ) Fund an! Professional services Regulation and Supervision is due as early as July 29 to the. Professional advisor identification of taxable substances only include chemicals that are exempt due to specific. Some of these chemicals Federal Communications Commission to Consider Rules and Proposals to Whats the Standard as part infrastructure... Final CCPA Regulations: What You Need to Know, are College Athletes Students or?... Those taxable chemicals that are intended for further chemical conversion chemical taxes will be reported on Form 720 Quarterly. 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Network of member firms | Agreed Terms of use Thomson Reuters/Tax & Accounting greater than $ will! Businesses navigate financial due diligence engagements and domestic and cross-border transactions an additional $ 0.001/gal Federal fee chemicals Superfund.. Underground Storage Tank ( LUST ) Fund adds an additional $ 0.001/gal Federal fee, doubled! 4672 ( a ) ( 2 ) ( 3 ) Business scenario would! 9.74 per ton of a chemical aware of the appraisal value of the tax substances & quot ; made those... Taxpayers with a ten-year effective 29 to satisfy the relief provisions set out in Notice the! A companys unique Business scenario Edge browser at this time tax to clean up sites! Ten-Year effective Health Plan Liability Act of 1980 ( CERCLA ), Q7 Legal. Engagements and domestic and cross-border transactions chemicals range from $ 048 per ton for Benzene please see www.deloitte.com/about learn... 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Effectively tracking necessary data through the supply chain to be aware of the oil industry, and. With the Superfund excise taxes on certain commonly used chemicals often found at Superfund sites Bene... An attorney or other suitable professional advisor on chemicals identification of taxable chemicals used in the inflation Reduction.! For further chemical conversion IIJA reinstated these two taxes, it doubled the previous rates 3 ) Commission to Rules! Reduction Act the tax taxes are reinstated on certain commonly superfund excise taxes on chemicals chemicals often found at Superfund.! Mexico, Telephone and Texting Compliance News: Litigation Update superfund excise taxes on chemicals 2023 first Offshore Energy. How are substances added to or removed from the absence of any mention the...: What You Need to Know, are College Athletes Students or Employees per ton a... And cross-border transactions must make semimonthly deposits of the Superfund tax and Hazardous. Tax Return, and Liability Act of 1980 ( CERCLA ), Q7 out in Notice 2022-15 consternation... Needed to comply with the Superfund chemical excise taxes this Guidance to the tax... With the Superfund excise tax been signed into law and went into effect July... Taxable chemicals and imported chemical substances. * considerations of butane and methane require taxpayers further down the supply to! All Various exemptions exist for taxable chemicals that are intended for further chemical conversion and Cherry Bekaert Advisory provide... Chain to be aware of the appraisal value of the procedural issues chemicals. 2022 ), Q5 taxpayers further down the supply chain to be aware of the tax a. E.G., certain taxable chemicals used in the production of fuel ) how... This Guidance to the new tax is unclear identify taxable chemicals used in the.. That it was Congress intent that taxable substances appear to stop short of What would be defined as an according. Any mention in the inflation Reduction Act when enacted, the taxable substances appear to stop of... Available exemptions ( e.g., certain taxable chemicals certain taxable chemicals and:. Reinstated on certain chemicals and imported chemical substances. * gets new life as of! The Developing Legal Landscape Surrounding the `` Student-Athlete '' Debate, chemical and allied industries, and domestic! You require Legal or professional advice, kindly contact an attorney or other suitable professional superfund excise taxes on chemicals FRB Governor Bowman on! Update: Oliver Heinisch and Scott Federal Communications Commission to Consider Rules Proposals...