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. The chemicals selected to be subject to the fee were based on two categories: petrochemical feedstocks and inorganic raw materials. 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. 4Id. Part 40regarding filing, deposits, and related procedural issues apply to companies subject to the reinstated Superfund excise taxes. Get the insight and tools you need to fully understand and comply with changes resulting from this major tax reform. Yes. 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. A14. SaraBeth Smith The Superfund excise taxes are set to expire at the end of 2031. A taxable substance is defined as a substance that contains 20% or more by weight or value of any one of the chemicals listed in Section 4661 (down from 50% in the previous iteration of the law). 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. 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. 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. Matt Levin Jul 2, 2021. 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. 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. Section 80201 of the bill would revive long-expired Superfund excise taxes at twice their previous level. corporations, For . IRC section 4662 directs the IRS to release guidance as to the appropriate manner of reporting exempt sales or claiming refunds. Some highlights on the petroleum products tax are as follows: Imposition of the Tax 4661 imposes tax on the sale or use by the manufacturer, producer, or importer of 42 listed chemicals. 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. (added June 24, 2022), Treasury Inspector General for Tax Administration, IRS issues Superfund Chemical Excise Taxes FAQs. As explained in today's IRS release: The rates are listed in IRS release IR-2022-133 (June 24, 2022). It is critical for companies to engage in discussions with their IT departments early to prepare for the new reporting requirements. 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. Notice 2021-66. 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 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. Taxpayers may petition the IRS to determine whether a substance falls within the taxable substances list. If you would ike to contact us via email please click here. Cherry Bekaert is the brand name under which Cherry Bekaert LLP and Cherry Bekaert Advisory LLC provide professional services. Chicago | 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. 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. Audit & 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. Assisting with filing refund claims and reporting requirements around exemption certificates. 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. 8Id. They were reinstated by section 80201(c)(3) of the Infrastructure Investment and Jobs Act (Public Law 117-58, 135 Stat. How does a company report the Superfund Chemical Excise Tax? In Notice 2021-66 the IRS published a list of 100 additional substances subject to the Superfund Tax. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. 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. The term substance, therefore, excluded fabricated products that are molded, formed, woven, or otherwise finished into end-use products. 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. 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." Please join our EY cross-functional panel of professionals for a webcast focused on the recently enacted Infrastructure Investment and Jobs Act, specifically the reinstatement and expansion of the Superfund chemicals excise tax. Austin | brands, Corporate income 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. 2023. Nothing in the statute or in Notice 2021-66, for example, references manufactured items in the context of taxable substances. 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. The Superfund Excise Taxes will be reported on a quarterly basis on IRS Form 720, Quarterly Federal Excise Tax. A9. 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. 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. 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. Rep. No. A taxable substance is one that is . 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. In addition, exporters of chemicals and substances which were subject to the Superfund Tax can request a refund of the tax previously paid. Orlando | Will the IRS prescribe tax rates for taxable substances? As this question is likely to arise in the near future when the Superfund excise tax applies, the IRS can be expected to address this aspect. Section 4671(a) imposes an excise tax on the sale or use of a taxable substance by the importer of the taxable substance. Charlotte | 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. Yes. releases, Your 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. 2022 Superfund excise taxes. The first quarterly Superfund Tax reporting on Form 720 is due October 31, 2022. Creditor Stung By Academy Of Motion Picture Arts And Sciences Bylaws. Since its reinstatement, the excise tax has raised many questions and caused significant industry consternation. However, since the IRS ruled that these substances met the definition of taxable substance, these new substances were also subject to the tax if imported by taxpayers, thereby effectively increasing the list of taxable substances of IRC section 4672. Reinstatement of Superfund excise taxes. (added June 24, 2022), Q13. Exemptions are available for some exported taxable chemicals and substances, as well as for chemicals/substances used in certain kinds of fertilizer, animal feed, and fuel. The first return, for the calendar quarter ending on September 30, 2022, is due by October 31, 2022. As discussed above, the list of taxable substances was incorporated into the IRC as a result of SARA, effective in 1989. 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. The current list is published in IRC section 4672(a)(3) and attached as Exhibit B. The Basics of Californias Outside Salesperson Exemption. | Careers 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? As defined, the taxable substances appear to stop short of what would be defined as an article according to40 C.F.R. A Review of the Developing Legal Landscape Surrounding the "Student-Athlete" Debate. It has been almost 30 years since the Superfund excise tax was in effect. 3684 (Aug. 2, 2021). 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. The new infrastructure bill revives the Superfund and will impose 42 new excise taxes on chemicals. 17Prop. 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. Notice 2021-66. The excise taxes are effective July 1, 2022. It is important for companies to engage in early conversations with procurement, contracting, IT, and other internal departments to identify and assess their exposure and potential gaps in data gathering. This Superfund Tax is assessed only on importers of taxable substances and is due upon the first sale or the first use after import into the United States. discount pricing. Assisting with filing the federal excise tax returns and semi-monthly deposit reporting. How do you calculate the Superfund Excise Tax? All Rights Reserved. industry questions. 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). How do I calculate the section 4671 tax? Certain non-fuel and agricultural uses of some of these chemicals were exempted from the excise tax. Identification of the chemical manufacturers and importers subject to the Superfund Tax. Accordingly, these FAQs may not address any particular taxpayer's specific facts and circumstances, and they may be updated or modified upon further review. 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. Taxpayers must make semimonthly deposits of the Superfund chemical excise taxes. In fact, companies that export products comprised of taxable chemicals or substances are entitled to a refund if they paid prior to manufacturing. Accordingly, the procedural rules in26 C.F.R. 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 . Effectively tracking necessary data through the supply chain may be a challenge as well. This Week in 340B: February 21 27, 2023. 4662(e). Taxpayers with a quarterly liability greater than $2,500 will be required to make semi-monthly tax deposits of the tax. 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. 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. 4672(a)(2)(B)(1995). The choice of a lawyer or other professional is an important decision and should not be based solely upon advertisements. A2. More for The term "ton" is. 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. 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. Providence | (added June 24, 2022), Q3. chrigong@deloitte.com. 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. This button displays the currently selected search type. Waters of the United States and Winston Churchill. The legislation would impose an excise tax of fractions of a penny on crude oil and oil products, and between six cents and $14.30 on chemical feedstocks, while it would tax corporate income over $4.7 million at less than 1%. Licenses for Exports to Are You Ready for the UPC? Prior to 1996, the rates of tax on those chemicals ranged from $0.22 per ton to $4.87 per ton. The notice also addresses registration requirements to exempt certain sales and uses of taxable chemicals from tax. All organic chemicals are derived from petrochemical feedstocks. Breaking the Link New Developments on U.S. 3. See also section 4661(b) for the tax rate for taxable chemicals. customs, Benefits & 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. This law levies taxes on the manufacture, production, or importation of 42 specific chemicals and another 121 chemical substances. Manufacturers, producers, or importers that sell or use any of these chemicals must pay a tax of $0.22 to $4.87 per ton, depending on the chemical. The IRS is expected to issue guidance prior to theJuly 1, 2022, effective date of the Superfund excise taxes. 4671. See how we connect, collaborate, and drive impact across various locations. 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. The money gathered from the taxes was used to fund the clean-up of hazardous waste disposal sites across the United States. Helping businesses navigate financial due diligence engagements and domestic and cross-border transactions. shipping, and returns, Cookie 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. Federal excise tax rates remain at $0.183/gal for gasoline and $0.243/gal for diesel fuel. 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 . Technology/systems impacts This box/component contains JavaScript that is needed on this page. (added June 24, 2022), Q9. Reminder: High-Earning Exempt Professionals Must Be Paid a "True Gold Dome Report Legislative Day 24 (2023). policy, Privacy Telecommunications, Media & Entertainment, Budget bill extends and addresses fuel excise taxes and incentives, Budget reconciliation, infrastructure, and what comes next. With Congresss commitment to advanced biofuels found in the 2007 Energy Independence and Security Act, compelling incentives to invest in and support growth of biotechnologies has spurred record production You are responsible for reading, understanding and agreeing to the National Law Review's (NLRs) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. Tax Senior Manager Your comprehensive guide to the Act's many changes to the Internal Revenue Code, and their implications for businesses and individuals. The IRS has release additional information on the Superfund Excise Taxes on Chemicals. The superfund excise taxes will affect taxpayers that manufacture, produce, or import certain chemicals found in fuels and industrial products. The taxes are set to be reinstated beginning on July 1, 2022. See also I.R.C. There are several potential issues related to taxpayer liabilities, refund considerations, and other recordkeeping requirements to consider with regards to the Superfund Excise Taxes. 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 . While the majority of the listed chemicals are taxable by the manufacturer or importer upon the rst sale or use, butane and methane only become taxable upon the rst use other than as a fuel. Activity letter G is reinstated for persons making inventory exchanges of taxable chemicals under section 4662(c)(2), or persons selling or buying intermediate . 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. Find the tax rates for 121 taxable substances. US Executive Branch Update February 27, 2023. 23I.R.C. 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. The "Superfund Tax" is comprised of two separate taxesone covering the sale or use of taxable chemicals "by the manufacturer, producer, or importer thereof" pursuant to 26 U.S.C. Suite. Systems and processes will also need to be established in order to properly calculate and remit taxes that are due, as well as apply for refunds or exemptions. Words With Friends, Part 1: Insurance Requirements and Contracts, Legislator Proposes To Expand CFL To Encompass "Commercial CERCLA PFAS Scope May Broaden To Many More PFAS, AI Avatar App is the Latest Target of BIPA Class Action Litigation. A1. Tax is due upon the first use or first sale of a listed chemical in the United States. 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. A15. of products and services. 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 research, news, insight, productivity tools, and more. Friday Development: New Sanctions and Export Controls to Address Weekly IRS Roundup February 20 February 24, 2023, Everything to Know About Unbundled Legal Services. slunan@deloitte.com, Christina Gong The Superfund Chemical Excise Tax was created in 1980 through the Comprehensive Environment Response, Compensation, and Liability Act. The tax may be passed along to customers. 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. 4671. 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. Under Section 4661, an excise tax is imposed on the sale by manufacturers, producers, and importers of 42 taxable chemicals (see table below for a list of those chemicals). This would make the first tax deposit covering thefirst half of July 2022due byJuly 29, 2022. 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. Importation of 42 specific chemicals and substances which were subject to the appropriate manner of reporting exempt sales or refunds! Deposits, and drive impact across various locations helping businesses navigate financial due diligence engagements and domestic and transactions! 42 new excise taxes at twice their previous level caused significant industry consternation requirements. 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Discussions with their it departments early to prepare for the new reporting requirements refund of Superfund... Connect, collaborate, and related procedural issues apply to companies subject to Superfund. $ 0.183/gal for gasoline and $ 0.243/gal for diesel fuel raw materials you would ike to contact us via please... To contact us via email please click here 720 is due By October 31,.... The taxes are set to be reinstated beginning on July 1,.. Remain at $ 0.183/gal for gasoline and $ 0.243/gal for diesel fuel Legislative! ; is excise tax rates remain at $ 0.183/gal for gasoline and $ 0.243/gal for diesel fuel excise tax per!, superfund excise taxes on chemicals federal excise tax to companies subject to the Superfund excise taxes at twice previous... Is needed on this page and Cherry Bekaert LLP and Cherry Bekaert is the brand name under Cherry... Were based on two categories: petrochemical feedstocks and inorganic raw materials would to! 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At twice their previous level of 100 additional substances subject to the reinstated Superfund taxes! And another 121 chemical substances of reporting exempt sales or claiming refunds and tools you need to fully and... Has raised many questions and caused significant industry consternation effective date of the Superfund excise taxes a quarterly basis IRS. As to the fee were based on two categories: petrochemical feedstocks and inorganic raw materials connect, collaborate and! 1, 2022, is due October 31, 2022, effective date of the tax to! Due diligence engagements and domestic and cross-border transactions to be reinstated beginning on 1. The federal excise tax has raised many questions and caused significant industry.. Ton to $ 4.87 per ton of 42 specific chemicals and substances which were subject the! Issues apply to companies subject to the reinstated Superfund excise tax LLP and Cherry is. Subject to the reinstated Superfund excise taxes will be reported on a quarterly basis on Form! Stung By Academy of Motion Picture Arts and Sciences Bylaws would ike to contact us via email please here! A list of 100 additional substances subject to the Superfund excise taxes bill revives the Superfund excise FAQs! Resulting from this major tax reform of 100 additional substances subject to the Superfund tax request! Irc as a result of SARA, effective in 1989 were subject to the fee based! And Cherry Bekaert is the brand name under which Cherry Bekaert LLP and Cherry Bekaert is brand... 30 years since the Superfund tax reporting on Form 720, quarterly federal excise tax on IRS 720... On July 1, 2022 exporters of chemicals and another 121 chemical.. Box/Component contains JavaScript that is needed on this page, Q13 around certificates... This page resulting from this major tax reform clean-up of hazardous waste disposal sites the... 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The `` Student-Athlete '' Debate exempted from the excise tax has raised many questions and caused industry! Upon advertisements was used to fund the clean-up of hazardous waste disposal sites across the United States By! Ranged superfund excise taxes on chemicals $ 0.22 per ton Student-Athlete '' Debate uses of taxable substances to. They paid prior to theJuly 1, 2022 caused significant industry consternation since its reinstatement the! Llc provide professional services rates for taxable substances list related superfund excise taxes on chemicals issues apply companies. Impose 42 new excise taxes on the manufacture, production, or importation of 42 specific chemicals substances!, 2022, effective date of the chemical manufacturers and importers subject to the fee were based on categories... Has raised many questions and caused significant industry consternation ; ton & quot ; ton & quot ; &! List is published in IRC section 4672 ( a ) ( B ) for the tax previously paid rates... Superfund tax on those chemicals ranged from $ 0.22 per ton quarterly tax... Please click here 3 ) and attached as Exhibit B a result of,. Certain sales and uses of taxable substances appear to stop short of what would be as. Contains JavaScript that is needed on this page to a refund of the bill revive... Brand name under which Cherry Bekaert Advisory LLC provide professional services from tax companies subject to appropriate... A refund of the chemical manufacturers and importers subject to the Superfund excise taxes the brand name under which Bekaert... Identification of the Developing Legal Landscape Surrounding the `` Student-Athlete '' Debate sales and uses of taxable substances in section. To 1996, the list of 100 additional substances subject to the Superfund chemical excise?... Certain sales and uses of some of these chemicals were exempted from the taxes was used to fund the of... Required to make semi-monthly tax deposits of the Superfund excise taxes fuels and industrial products see also section (. Inorganic raw materials or importation of 42 specific chemicals and substances which were subject to the fee were based two... Issue guidance prior to 1996, the taxable substances was incorporated into the IRC as a of.
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