Deloitte Tax How are substances added to or removed from the list of taxable substances? Semi-monthly payments should be made by the 15 th and 30 th of each month, but the IRS is providing relief from penalties for non-payment up through the first quarter of 2023. Los Angeles | Deloitte Tax The law imposes a tax on any taxable chemical sold by the manufacturer, producer, or importer. Notice 89-61provided guidance under the previously applicable Superfund excise tax. In these cases, the other person would be liable for paying the excise tax, not the initial importer. Chemicals used in the production of fertilizer (including nitric acid, sulfuric acid, ammonia, or methane); Sulfuric acid produced as a by-product of air pollution control; Substances used in the production of motor fuel, diesel fuel, aviation fuel, or jet fuel; Substances having transitory presence during the refining process; Substances used in the production of animal feed; or. 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. The taxes, which should go in effect on 1 July 2022, are estimated to raise approximately $14.45bn over a 10-year period As discussed above, the list of taxable substances was incorporated into the IRC as a result of SARA, effective in 1989. The applicable tax for a hazardous substance depends on its chemical composition. media, Press The tax on 4661 chemicals is imposed on a rate per ton of taxable chemical and can range from $0.44 to $9.74 per ton. chrigong@deloitte.com. 429.Section 80201 of the IIJA reinstates the Superfund excise tax on certain chemical substances under Sections 4661 and 4671 of the Internal Revenue Code (Tax Code), effective July 1, 2022.Section 80201(c)(1) of the IIJA modified the method for determining . 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 Additionally, similar to what happened between 1990 and 1995 when importers and exporters petitioned the IRS to determine whether various chemical substances would qualify as taxable substances, taxpayers may again request a written determination from the IRS as to whether a product they export or import qualifies as a taxable substance, if its chemical makeup includes at least 20% of a listed taxable chemical in IRC section 4661.21 However, IRS Notice 2021-66 suspended prior guidance (IRS Notice 89-61) as to how to request this determination, and taxpayers await additional guidance from the IRS as to the procedure to do so. Houston | Part 40regarding filing, deposits, and related procedural issues apply to companies subject to the reinstated Superfund excise taxes. Strictly Confidential? Taxpayers must make semimonthly deposits of the Superfund chemical excise taxes. accounting, Firm & workflow Taxpayers should be proactive and carefully analyze and consider the potential tax liabilities, tax reporting requirements, and systems impacts as a result. Additionally, the Infrastructure Investment and Jobs Act ("IIJA") double the tax rate on chemicals or . How Modern Manufacturing Plants Can Protect Against Ransomware, FTC Will Host May 23, 2023, Workshop on Recyclable Claims and the Appellate Court Affirmed An Order Denying A Beneficiarys Request For An Overview of Why Class Action Privacy Lawsuits May Have Just Gotten Gold Dome Report Legislative Day 26 (2023). Therefore, a chemical substance could qualify as a taxable substance if taxable chemicals listed in IRC section 4662 constitute more than 20 percent of the weight (or more than 20 percent of the value) of the materials used to produce such substance.13, The Superfund Excise Taxes are currently set to expire on December 31, 2031, and are expected to generate $14.4 billion of revenue (or approximately $1.2 billion annually).14, IRC section 4661(b) lists 42 chemicals, identified in Exhibit A. (added June 24, 2022), Q14. 48839 (Oct. 21, 1983). 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), News Releases for Frequently Asked Questions, Recent Developments for Form 6627, Environmental Taxes, Treasury Inspector General for Tax Administration, synthetic linear fatty alcohol ethoxylates, IRS issues Superfund chemical excise tax rates. Deloittte Tax 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. What happens if an importer does not calculate the section 4671 tax? 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. 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). accounts, Payment, Are there any available exemptions for the Superfund Chemical Excise Taxes? 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 . on a wide range of chemicals and substances. However, the inorganic raw materials required a multi-tiered rubric: (1) the material must be hazardous in a number of forms; (2) the material in some form must be hazardous if spilled; (3) the material must be produced in a large amount; and (4) the material must be capable of increasing the hazard potential of other elements.5, Congress intended for the fees to be imposed "at the beginning of the commercial chain of production, distribution, consumption, and disposal of hazardous substances." A1. 4671(b). As part of the recently unveiled infrastructure deal, the Biden administration announced plans to reinstate the Superfund taxes on chemical manufacturers in the United States. The Superfund chemical excise taxes are reported on Form 6627, Environmental Taxes, which is attached to Form 720, Quarterly Federal Excise Tax Return. They're expected to generate $14.4 billion of revenue in total, or about $1.2 billion annually, the report said. An exporter who did not pay the initial assessment of the Superfund Tax may still be entitled to the refund if certain condition are met. Heres how to analyze the implications and plan now for the revitalized Superfund Excise Tax. 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. Companies opting for the latter run the risk, however, of incurring penalties, should the IRS adopt a different view. (added June 24, 2022), Q4. November 24, 2021. Is the rate different for taxable substances? IT and tax departments in particular will need to collect transactional data all along the supply chain, as well any applicable master data. The Infrastructure Bill lowers the thresholdfor a chemical substance to meet the definition of taxable substance, thus more imports may be subject to this tax. 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 . Yes. 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. . What do companies need to do in order to prepare for these taxes? The Superfund Excise Tax becomes effective on July 1, 2022. This direct tax hike on American producers would result in higher prices for consumers, threaten thousands of jobs, and undermine domestic . DTTL and each of its member firms are legally separate and independent entities. The excise taxes are effective July 1, 2022. 4661 imposes tax on the sale or use by the manufacturer, producer, or importer of 42 listed chemicals. 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. See Section 4671(b)(2). A2. See section 4672(a)(1). Such exemptions include methane or butane used as a fuel, chemicals used in the production of fertilizer (including nitric acid, sulfuric acid, ammonia, or methane) and substances derived from coal. 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. 14Joint Committee on Taxation, Estimated Revenue Effects of the Provisions in Division H of an Amendment in the Nature of a Substitute to H.R. 2022 Superfund excise taxes. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. CERCLA (and therefore the Superfund Excise Taxes) expired in 1985 but was extended for another five-year period through the Superfund Amendments and Reauthorization Act of 1986 (SARA), effective January 1, 1987.7 SARA expanded the Superfund Excise Tax on chemicals to include an additional tax on imported substances derived from taxable chemicals, effective January 1, 1989.8 This additional tax on taxable substances was structured to ensure that the amount of the tax correlated to the composition of the chemicals within the taxable substances.9 In other words, had the substance been purchased domestically, the Superfund Excise Tax on chemicals would have been included as part of the overall price of the substance. 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). The Final CCPA Regulations: What You Need To Know, Are College Athletes Students or Employees? For chemicals, the taxable event is the sale or use by the manufacturer, producer, or importer of the chemical, and the tax is due in the U.S. upon the first use or sale. July 1 is fast approaching and the window to prepare for compliance with the reinstated Superfund Tax is brief. Calculating the federal excise tax liability, including taking into account available exemptions. Notice 2022-15 provides temporary relief from the failure-to-deposit tax penalty. 18I.R.S. Get the insight and tools you need to fully understand and comply with changes resulting from this major tax reform. Any legal analysis, legislative updates or other content and links should not be construed as legal or professional advice or a substitute for such advice. Additionally, Form 6627, Environmental Taxes, was previously used to report the Superfund Excise Taxes when the taxes were last in effect, and this form will be used again to report the taxes owed. This effectively doubled the tax rate of the imported taxable substances as well, and the Infrastructure Bill further increased the alternative method of calculation of the taxable substances to 10% the value of import. Often collectively referred to as the superfund taxes, Congress imposed excise taxes on domestic crude oil, imported petroleum products and identified chemicals, as well as imported substances comprised of such chemicals. Expanded Employee Retention Credit (ERC) & how our professionals can assist you. Fullwidth SCC. Notice 2021-66. Charlotte | A semimonthly period is the first fifteen (15) days of a calendar month or the portion of a calendar month following the 15th day of the month. On Dec. 14, 2021, the IRS issued Notice 2021-66, which provides guidance on implementing the reinstated Superfund excise taxes, and followed up on June 24, 2022, with an FAQ . The money gathered from the taxes was used to fund the clean-up of hazardous waste disposal sites across the United States. Good News for American Businesses: H1-B Denial Rates Plummet Under USCIS Extends Comment Period for Proposed Fee Increases, OFCCP Rescinds Trump-Era Religious Exemption Rule. 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. (added June 24, 2022), Q10. services, Comprehensive Environmental Response Compensation, and Liability Act of 1980 (CERCLA). 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. President Joe Biden called for reinstating the Superfund taxes as part of his $2 trillion infrastructure proposal . The excise taxes are effective July 1, 2022. 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. 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. Do not delete! ffalvo@deloitte.com, Marshal Sulayman 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. 5Id. The rates are listed in IRS release IR-2022-133 (June 24, 2022). What are the Superfund chemical excise taxes? Importers 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. Suite. Due to the complicated nature of the tax assessments, and the detailed information required, gaps in existing systems and processes may exist. Infrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. 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. Treas. If you would ike to contact us via email please click here. An official website of the United States Government. L. 99-499, 42 U.S.C. The IRS is expected to issue guidance prior to theJuly 1, 2022, effective date of the Superfund excise taxes. Our services include: The reinstatement of the Superfund Excise Taxes will impact companies throughout the country in a wide variety of industries. 4Id. The original Hazardous Substance Superfund trust was established to pay for the hazardous-substance cleanup program created by the Comprehensive Environmental Response Compensation, and Liability Act of 1980 (CERCLA) The IIJA reinstates the cleanup program until 2031, and the taxes collected are expected to total more than $14 billion over the next ten years. The tax rate for taxable substances is dependent on the individual chemical composition of the substance.19 For example, if polypropylene is composed of 50% propylene (a listed taxable chemical), then the rate for polypropylene would be $9.74 x 50%, or $4.87. Prior to their expiration in 1995, the Superfund excise taxes were used to fund theHazardous Substance Superfund, established by theComprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA). From 1987 through 1995, an excise tax also applied to the sale by the manufacturer, producer or importer of 42 specified chemicals. In addition to having deep tax technical knowledge surrounding federal excise taxes, Deloitte leverages leading technology tools and processes. Some states have laws and ethical rules regarding solicitation and advertisement practices by attorneys and/or other professionals. 4662(b)(1). Section 4671(a) imposes an excise tax on the sale or use of a taxable substance by the importer of the taxable substance. Orlando | 3684 (Aug. 2, 2021). These FAQs detail what the Superfund chemical excise tax is, how the tax is computed, and who may be liable for the tax. What Is the Difference Between a Grandfathered and a Grandmothered Health Plan? Does the Supreme Court have the stomach to tackle the super fun SECs Pay vs. Heavy metals, halogens, acids, and bases are significant raw materials for many toxic inorganics.) The unique considerations of butane and methane require taxpayers further down the supply chain to be aware of the procedural issues affecting chemicals. discount pricing. This would make the first tax deposit covering thefirst half of July 2022due byJuly 29, 2022. Fast forward to today. Arizona Gets to Keep Its State-Operated Workplace Safety and Health Manufacturers Legal Considerations for Staffing Reductions, PCAOB Enforcement Activity Up Sharply in 2022. At the time of publication of these FAQs, 151 substances are listed as taxable substances. 4662(e). A Superfund excise tax on chemicals has been signed into law and went into effect on July 1, 2022. WASHINGTON The Internal Revenue Service announced today that it has prescribed tax rates for 121 taxable substances that are subject to the Superfund chemical excise tax imposed by section 4671(a) of the Internal Revenue Code (Code). 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. All organic chemicals are derived from petrochemical feedstocks. 11Infrastructure Investment and Jobs Act, Pub. 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. 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. Notice 2021-66 does not specify the tax rate for each taxable substance. Some deposit amount is still required by July 29 to satisfy the relief provisions set out in Notice 2022-15. Biobased chemicals and biofuels have taken root thanks to both popular appeal and political support. It is critical for companies to engage in discussions with their IT departments early to prepare for the new reporting requirements. Will Changes to the Option To Tax Regime Impact UK Insolvency Sales? Chemical manufacturers and importers The term substance, therefore, excluded fabricated products that are molded, formed, woven, or otherwise finished into end-use products. Calculate the rate based on the percentage amount of each listed chemical included in the substance. The Superfund tax is assessed on the manufacturer or importer of these chemicals. 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. 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. 4672(a)(2)(B)(2021). The first quarterly reporting for the Superfund Tax on Form 720 is due Oct. 31, 2022. Updated procedural guidance on how to request the determination has not yet been published by the IRS as of the date of this article. This current iteration is set to expire on December 31, 2031. EPA Announces Availability Of Environmental Justice Thriving Energy & Sustainability M&A Activity February 2023, OSHA Implements Pilot Program to Streamline Complaint Intake Process. The initial list of 50 taxable substances is found in IRC 4672(a)(3). The Infrastructure Investment and Jobs Act signed into law November 15, 2021, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. 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. Identification of the chemical manufacturers and importers subject to the Superfund Tax. msulayman@deloitte.com, Stephane Lunan Recent FTC Enforcement Action Merits Cyber Insurance Coverage Review, Two Ways to Redefine & Achieve CRM Success. 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). Form 6627 must be led alongside Form 720 on a quarterly basis. 12I.R.S. View Full Firm Disclosure. . Form 6627, Environmental Taxes, previously used to report the Superfund Tax, will likely be used again to report the tax owed. 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. . Multiple Concussions Result in Greater Cognitive Deficits, DOL Issues Internal Guidance on Telework Under the FLSA & FMLA, USPTO Launches Cancer Moonshot Expedited Examination Pilot Program. The U.S. Environmental Protection Agency (EPA) administered the expenditures and used the funds to clean up hazardous waste sites around the United States. Pending further guidance, the previously published tax rates, adjusted for the IIJA increases, and the examples outlined in Notice 89-61 could be helpful in calculating the tax on taxable substances and the potential tax exposure if a substance is subsequently added to the list. 22The IRS does not require that the tax be included in the total cost of the product or separately line itemed in an invoice. This assessment should include a review of the transaction life cycle, master data setup, cost computation and recognition, and general entry posting. The return of the Superfund excise tax on chemicals affects taxpayers that manufacture, produce, or import certain chemicals, as it imposes an excise tax on the sale of 42 specific chemicals listed in Section 4661 of the tax code, including ammonia, butane, benzene, mercury, and other common products. 9601-9675 (2021). 4661 and the other applying solely to "any taxable substance sold or used" by importers pursuant to 26 U.S.C. First Offshore Wind Energy Lease Sales in the Gulf of Mexico, Telephone and Texting Compliance News: Litigation Update February 2023. See 40.0-1(c) and 40.6302(c)-1 of the Excise Tax Procedural Regulations. These taxes were in place until 1995 to fund the Federal Hazardous Substance Superfund, but expired in 1995. (added June 24, 2022), Q2. A12. Abusive Arbitrage Devices Its Time to Get Reacquainted (Episode 2 B&C Biobased and Sustainable Chemicals Practice Group Bergeson & Campbell, P.C. 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. (added June 24, 2022), Q12. A third excise tax on crude oil and petroleum products was reinstated in the Inflation Reduction Act . 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). Notice 2021-66 suspended the procedure in Notice 89-61 because the IRS plans to issue a more current guidance on this matter. 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. The superfund excise taxes will affect taxpayers that manufacture, produce, or import certain chemicals found in fuels and industrial products. US Executive Branch Update February 28, 2023. To stay logged in, change your functional cookie settings. ADVANCED! Will the IRS prescribe tax rates for taxable substances? Reinstatement of Superfund excise taxes. This law levies taxes on the manufacture, production, or importation of 42 specific chemicals and another 121 chemical substances. Labor Board Flip-Flops Again on Severance FRB Governor Bowman Speaks on Bank Regulation and Supervision. Key considerations for dealings with the reinstated Superfund Tax include: For producers, importers, exporters, and customers of businesses making and distributing identified chemicals and substances, action is needed quickly. Cherry Bekaert Advisory LLC and its subsidiary entities are not licensed CPA firms. firms, CS Professional Deposit payments with the Electronic Federal Tax Payment System (EFTPS). The tax may be passed along to customers. The section 4661 tax is imposed as a rate per ton of a taxable chemical. 11001 (2021). See also I.R.C. 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 . See Notice 2021-66, 2021-52 I.R.B. No attorney-client or confidential relationship is formed by the transmission of information between you and the National Law Review website or any of the law firms, attorneys or other professionals or organizations who include content on the National Law Review website. Persons wanting to engage in tax-free sales of intermediate hydrocarbon streams containing organic taxable chemicals and/or conduct tax-free inventory exchanges must be registered by the IRS under Activity Letter G. Persons can apply for registration by filing a Form 637, Application for Registration (For Certain Excise Tax Activities), with the IRS. An official website of the United States Government. 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. 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. : Advanced Marketing Compels Trial on Arbitration in a TCPA Health Plans Gag Clause Attestations Due December 31, 2023. IRS issues Superfund chemical excise tax rates IR-2022-132, June 24, 2022 WASHINGTON The Internal Revenue Service announced today that it has prescribed tax rates for 121 taxable substances that are subject to the Superfund chemical excise tax imposed by section 4671 (a) of the Internal Revenue Code (Code). Substances may be added or removed from the list of taxable substances at a later date. 21See I.R.C. It's codified in IRC Sections 4671 and 4672, both of which were added by the Superfund Amendments and Reauthorization Act of 1986. On Aug. 16, 2022, the Inflation Reduction Act (IRA) reinstated a third excise tax, the Hazardous Substance Superfund Financing Tax Rate on Crude Oil and Petroleum Products. How do you calculate the Superfund Excise Tax? Various exemptions exist for taxable chemicals. The New York City Council Sets its Sights on Non-Profit Housing DOJ Announces New Voluntary Self-Disclosure Policy for U.S. Attorney Supreme Court: Salary, Not Daily Pay, Required for FLSA Overtime Time Is Money: A Quick Wage-Hour Tip on the Tip Credit, EDPB issues its Opinion on the EU-U.S. Data Privacy Framework, Hunton Andrews Kurths Privacy and Cybersecurity. Assisting with design and implementation of automated tax calculation and reporting processes to be compliant with federal laws and regulations. Yes. 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. The National Law Review is a free to use, no-log in database of legal and business articles. Superfund tax on chemicals. 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 relevance of this guidance to the new tax is unclear. 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Erc ) & how our professionals can assist you called for reinstating the Superfund tax. Due to the reinstated Superfund tax, will likely be used again report... 4671 tax its subsidiary entities are not licensed CPA firms cents per barrel of oil... Calculation and reporting processes to be compliant with federal laws and Regulations again on Severance FRB Governor Speaks. Compliant with federal laws and ethical rules regarding solicitation and advertisement practices attorneys. Trial on Arbitration in a wide variety of industries raw materials for many toxic inorganics )... And Texting compliance News: Litigation Update February 2023 halogens, acids, related! Option to tax Regime impact UK Insolvency Sales has been signed into law went. Entities are not licensed CPA firms rates are listed as taxable substances effective on 1. On December 31, 2031 fully understand and comply with changes resulting from major... 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