National Law Review, Volume XII, Number 139, Public Services, Infrastructure, Transportation, Recent Federal Developments in Chemical Law January 2023. Relief provided for Superfund chemical excise tax semimonthly deposits. 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. The IRS is expected to issue guidance prior to theJuly 1, 2022, effective date of the Superfund excise taxes. Additional substances may be added if the weight or value of the substances is greater than 20% of the contained taxable chemical. For consideration: Notice 2022-15 provides notable relief for taxpayers during these initial quarters. Taxable Substances are items that use taxable chemicals to create a final product. 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 Inflation Reduction Act (IRA) enacted on August 16, 2022, created a new corporate alternative minimum tax (AMT) for taxable years beginning after December 31, 2022. July 1, 2021 thru June 30, 2022. For purposes of this code section the term importer means the person for which the taxable chemical is brought to the U.S. for consumption, use or warehousing. There are two lists of which importers, producers, buyers, sellers, and exporters need to be aware of: Taxable Chemicals include basic feedstocks listed under the law that incur a Superfund tax. on The Reinstated Superfund Excise Tax for Chemicals and Imported Substances, How Finance and Accounting Outsourcing Helps Companies Grow, How Sage Intacct Real Estate Simplifies Property Management and Reporting. Yes. However, Notice 2022-15, 2022-18 I.R.B. 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. If these deposits are missing, there is temporary relief until March 2023, which includes the third and fourth quarters of 2022 and the first quarter of 2023. The Superfund chemical excise taxes are reported on Form 6627, Environmental Taxes, which is attached to Form 720, Quarterly Federal Excise Tax Return. Substances treated as taxable will significantly increase over the pre-1996 levels, when the threshold determination only applied when more than 50% of the substances weight or value consisted of taxable chemicals. 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. (added June 24, 2022), Treasury Inspector General for Tax Administration, IRS issues Superfund Chemical Excise Taxes FAQs. $150 plus $0.069 per each acre-foot greater than 10 acre-feet. Aside from this quarterly filing, taxpayers with a quarterly liability of greater than $2,500 will be required to make semi-monthly tax deposits of at least 95 percent of the net tax liability incurred during the tax period (unless a safe harbor Specifically, the due date for the deposit accelerates to the immediately preceding date that is not a Saturday, Sunday, or legal holiday. Cherry Bekaert is the brand name under which Cherry Bekaert LLP and Cherry Bekaert Advisory LLC provide professional services. | Agreed Terms of Use Are semimonthly deposits required? . $300 plus $0.085 per each acre-foot greater than 10 acre-feet. 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. 2022 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. The full list of taxed chemicals and substances can be viewed here. The Inflation Reduction Act (Pub.L. Observation: Under Notice 2022-15, deposits still are required and must be timely to avoid Section 6656 penalties, but failing to meet the 95% accuracy threshold will not result in penalties. FS-2022-31 (Issued 6/24/2022), IRS issues Superfund Chemical Excise Taxes FAQs ( Link) Rev. Learn more about Superfund Excise Tax changes effective July 1, 2022, including key considerations for dealings with the reinstated Superfund Tax on chemicals and substances. The Infrastructure Investment and Jobs Act signed into law November 15, 2021, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. A12. Cherry Bekaert Advisory LLC and its subsidiary entities are not licensed CPA firms. More information about reliance is available. These FAQs were announced in IR-2022-131. For purposes of claiming refunds under section 4662(e) for section 4661 tax paid on chemicals used in the production of an exported substance, in the case of a petition of an importer or exporter (i) that is filed and accepted by the Secretary before January 1, 2023, (ii) that seeks to add the substance to the list of taxable substances, and (iii) based on which the Secretary adds the substance to the list of taxable substances, both the filing date of the petition and the date the substance is added to the list of taxable substances will be deemed to be July 1, 2022. They were reinstated by section 80201(c)(3) of the Infrastructure Investment and Jobs Act (Public Law 117-58, 135 Stat. The IRS determined this threshold in consultation with the Environmental Protection Agency and U.S. Customs and Border Protection. An official website of the United States Government. The revived In order to pay for This ABA Tax Times article provides an illustration of the challenges faced by the oil and gas industry in applying one of these special rules related to two products derived from natural gas: methane and butane. The money gathered from the taxes was used to fund the clean-up of hazardous waste disposal sites across the United States. 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). The Inflation Reduction Act (Pub.L. Apprehended Woman Dies in Eagle Pass, Texas Soft Sided Facility, U.S. Customs and Border Protection Department of Homeland Security. Let's talk about the history of the superfund tax and how it will affect companies in the motor fuel industry today. Some deposit amount is still required by July 29 to satisfy the relief provisions set out in Notice 2022-15. Florida Woman Sentenced to Prison for False Statement to Investigator Idaho Man Indicted for Federal Hate Crime Against LGBTQ Residents of EPA Proposes Cleanup Plan for Sulphur Bank Mercury Mine Superfund B&C Biobased and Sustainable Chemicals Practice Group Bergeson & Campbell, P.C. As a result, large and small companies alike who produce or import these chemicals or substances are about to be slammed with additional costs. Tax News & Views, our current events-focused tax podcast, can help provide clarity on the latest tax news and developments that could affect your business. When is the first return due? The Anti-Money Laundering Act of 2020 Gets a Glow Up: Congress FINRA Files Amendments to Proposed Rule Change That Will Allow Remote Corporate Practice of Medicine Doctrine: Increased Enforcement on the Environmental Justice Update: EPA Announces $100 Million in EJ Grants Insurers Beware of Silent Crypto Exposure: PART III, Silent Crypto Court Rules that Brown Bread is Not Misleading, Whats Next in Washington? Initially, the Superfund program called for taxes by manufacturers of crude oil and certain chemicals to fund a trust to pay for environmental cleanup activities. Superfund Chemical Excise Taxes Effective July 1, 2022, excise taxes are reinstated on certain chemicals and imported chemical substances. 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. The content and links on www.NatLawReview.comare intended for general information purposes only. Even companies that have been on the market for decades may not have many employees who were around when the previous excise tax applied. More substances are expected to be added in the future, but the list as it stands is available below. Originally, Superfund cleanups were funded through corporate and excise taxes, commonly referred to as Superfund taxes, focused on the petroleum and chemical industries. Until then, companies may take the IRS previous position as an indication of how it is likely to view articles and fabricated products under the current Superfund excise tax. The Superfund law (P.L. Follow these steps to assess applicability and prepare for compliance: The sooner these steps are completed, the more seamless this new reporting and filing will be. New Jersey enacted a new tax law (A.B. Permit & License. Unless your company is a manufacturer or importer of chemicals and substances, there is no additional reporting required regarding the superfund excise tax. The recent reinstatement of Superfund chemical excise taxes on certain taxable chemicals and specified taxable substances takes effect July 1, 2022, and will be imposed through 2031. If you are not responsible for paying and reporting the excise tax to the IRS but purchase any of the listed chemicals or substances from your suppliers, review the potential economic impact of the reinstated excise tax on your company. The rate of excise tax per ton is based on the amount of each chemical included in the substance. The reauthorization doubled the tax rates on taxable chemicals, vastly expanded listed taxable substances, and increased the cap size of the trust fund. How are substances added to or removed from the list of taxable substances? Applicability of the information to specific situations should be determined through consultation with your tax adviser. The taxes are effective July 1, 2022. published tax rates for 121 of the 151 taxable substances. This initiative came to be commonly known as the Superfund Excise Tax on Chemicals. The National Law Review is not a law firm nor is www.NatLawReview.com intended to be a referral service for attorneys and/or other professionals. The first quarterly Superfund Tax reporting on Form 720 is due October 31, 2022. Managing Director, Excise Tax Practice, KPMG US, Senior Manager, Tax | WNT - SALT Income & Incentives, KPMG US, Partner, Tax, Accounting Methods & Credits, KPMG US. 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. The money gathered from the taxes If you would ike to contact us via email please click here. What are the Superfund chemical excise taxes? 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. These FAQs are being issued to provide general information to taxpayers and tax professionals as expeditiously as possible. This would be for the periodJuly 1-September 30, 2022. That penalty can be avoided if the taxpayer demonstrates that the failure was due to reasonable cause and not due to wilful neglect. According to the IRS, 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. 17. System and Organization Control Reporting (SOC), GDPR General Data Protection Regulation. There are 42 chemicals listed in section 4661(b). 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 excise tax was not only brought back, but the IIJA doubled the prior tax rate on chemicals. Will the IRS prescribe tax rates for taxable substances? Excise taxes are reported on a quarterly basis on IRS Form 720, Quarterly Federal Excise Tax. Sightline is a tax platform that makes the entire tax process more collaborative and insightful. Washington DC |, Copyright 2023 Cherry Bekaert. This webcast discusses the three Superfund Excise Taxes that are now in place, recent trends, and hot topics to be aware of as organizations solidify processes and procedures to ensure compliance by October 31, 2022. | Privacy Policy As defined, the taxable substances appear to stop short of what would be defined as an article according to40 C.F.R. The site is 15 miles east of Sacramento, California. The Superfund Tax that was established over two decades ago and taxed specific chemicals and hazardous substances has been restored after the passing of the Infrastructure Investment and Jobs Act last year. (added June 24, 2022), Q13. 429. The Superfund tax is assessed on the manufacturer or importer of these chemicals. Charter Brokerage can help you mitigate the Superfund taxes paid on these taxable chemicals. As we mentioned above, this tax is only for companies importing chemicals or hazardous substances on the list and filing an IRS Form 720. Part III. See section 4671(b)(1). Among the requirements mentioned (briefly) in Notice 2021-66, SCET taxpayers with a net quarterly liability in excess of $2,500 must make deposits of tax for each semimonthly period in which the tax liability is incurred. Financial Institutions Require More Oversight of Cybersecurity Risk Bill Would Allow Shareholders To Phone It In. The Infrastructure Bill reinstated the Superfund Excise Taxes on chemicals and taxable substances, effective July 1, 2022. All rights reserved. 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. Los Angeles | The IRS has release additional information on the Superfund Excise Taxes on Chemicals. In 2022, IRS received petitions to add polyoxymethylene and polyphenylene sulfide to the list of Take inventory of chemicals and determine effects on manufacturing processes and product pricing to ascertain business impact and identify tax exposure. How are the Superfund chemical excise taxes reported? (added June 24, 2022), Q2. 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). Retailer's Wholesale Cost ($1,000 + $200) $1,200.00. First, a substance can be added to the list of taxable substances by the Secretary, in consultation with the Administrator of the Environmental Protection Agency and the Commissioner of U.S. Customs and Border Protection, if the Secretary determines that taxable chemicals constitute more than 20 percent of the weight (or more than 20 percent of the value) of the materials used to produce the substance (determined on the basis of the predominant method of production). 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. Any taxable chemical or substance also qualifies for a Superfund Tax Credit. These credits are accrued when a taxable chemical or taxable substance is exported. A Superfund tax is imposed when a taxable chemical is imported, or is domestically produced for sale or use unless an exemption applies. The IRS recently issued FAQs and published tax rates for 121 of the 151 taxable substances. How do I calculate the section 4671 tax? Texas Unclaimed Property, a Division of the Texas Comptroller of Public Accounts (Texas Comptroller), is increasing compliance efforts through outreach. 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. - January 2023 Edition. As a result, Notice 2022-15 provides welcome relief and affords SCET taxpayers additional time to perfect their SCET deposit process. Taxable substances are those that contain 20% or more by weight or value of one of the 42 chemicals listed in IRC 4661(b). The U.S. Environmental Protection Agency (EPA) administered the expenditures and used the funds to clean up hazardous waste sites around the United States. She specializes in pass-through entity and multi-state compliance for family owned businesses in a variety of industries including manufacturing and distribution, retail and real estate. Certain non-fuel and agricultural uses of some of these chemicals were exempted from the excise tax. 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. The IIJA also reinstated the Superfund excise tax on the import for sale or use of any taxable substance underSection 4671of the Tax Code. The Environmental Protection Agency (EPA) identifies sites such as Kti Chemicals Inc because 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. $150 plus $0.069 per each acre-foot greater than 10 acre-feet. A15. Built by tax professionals for tax professionals. 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). Implementing process improvements including potential technology solutions to efficiently monitor products subject to tax and possible exemptions. Raleigh | Reinstating the tax on chemicals will unduly burden consumers. See question 3 for more information on taxable chemicals and question 6 for more information on calculating the tax imposed by section 4661 (section 4661 tax). AllRightsReserved. Relief provided for Superfund chemical excise tax semimonthly deposits April 2022 In brief 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 WebTax Podcast: The Superfund Excise Tax: Back in action President Bidens Infrastructure bill revitalized the long-expired Superfund Excise Tax on chemical sales, which goes into effect July 1. She is passionate about supporting animal rescue organizations. Mississippi Gaming Commission Agenda: January 19 Meeting. The Joint Committee on Taxation estimates these excise taxes combined would increase revenues by over $52 billion over a 10-year period. 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. After a more than 26 year hiatus, on July 1, 2022, the Superfund chemical excise tax (the Superfund Chemical Tax) will again become effective. Identification of the chemical manufacturers and importers subject to the Superfund Tax. Companies are likely to be caught off guard by this reinstated tax. 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. The National Law Review is a free to use, no-log in database of legal and business articles. The Notice essentially allows taxpayers untilOctober 31, 2022, to determine whether a Superfund excise tax applies and to calculate how much taxed is owed. 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. (added June 24, 2022), Q14. A diversity, equity and inclusion video series. This potential change in Brazilian transfer pricing policies could have significant consequences from a U.S. transfer pricing and international tax perspective. Section 704.3. The Infrastructure Investment and Jobs Act signed into law November 15, 2021, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. 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). The Superfund Chemical Excise Tax is set to expire in 2031 and is expected to bring in an estimated $14 billion that will go to assisting the clean-up of hazardous waste disposal sites. Superfund Chemical Excise Taxes Effective July 1, 2022, excise taxes are reinstated on certain chemicals and imported chemical substances. The Superfund Chemical Excise Tax was created in 1980 through the Comprehensive Environment Response, Compensation, and Liability Act. How Law Firms Can Leverage ChatGPT To Get More Cases, FTC Pursues Crackdown on Employee Noncompetes, Chapter 93A Litigation Newsletter | 4th Quarter 2022, Landmark NLRB Decision Expands Labor Violations, Weekly IRS Roundup January 9 January 13, 2023. That authority expired in 1995. See section 4671(b)(3). 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 recent reinstatement of Superfund chemical excise taxes on certain taxable chemicals and specified taxable substances takes effect July 1, 2022, and will be imposed through 2031. 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. These credits are accrued when a taxable chemical or taxable substance is exported. The relief applies to the first three quarters of the SCET, i.e., the third and fourth quarters of 2022 and the first Start Here. As reinstated, the excise tax rates are doubled from pre-1996 levels and range from $0.44 cents per ton to $9.74 per ton. Aerojet and its subsidiaries have researched, designed and made rocket engines and chemicals on site since 1953. 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 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). FS-2022-31, June 2022. Some exported chemicals and hazardous substances used in different types of fertilizer, animal feed, and fuel are exempt from the superfund tax. It states that it was Congress intent that taxable substances only include chemicals that are intended for further chemical conversion. Class Action Year in Review: The Rise Of The Self-Tapping Website? Fast forward to today. Companies with large volumes of transactions should consider automating their tax calculation and reporting processes. How do I calculate the section 4661 tax? IRC 4671 imposes the excise tax on the sale or use by an importer of specified taxable substances (as initially identified in IRC 4672(a)(3) and IRS Notice 2021-66). View Full Firm Disclosure. Learn how tax plays a key role in your business while the stakes continue to be high in regards to managing potential changes to US and global tax policy. Cannabis Excise Tax Calculation. Helping businesses navigate financial due diligence engagements and domestic and cross-border transactions. Drive maximum value across your supply chain. 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). Companies opting for the latter run the risk, however, of incurring penalties, should the IRS adopt a different view. Since its reinstatement, the excise tax has raised many questions and caused significant industry consternation. A8. Boston | The list of 42 chemicals and their respective excise tax rates is found in Internal Revenue Code (IRC) 4661(b). Are Your Companys Year-End Compensation Accruals Tax Deductible? The first reporting of Superfund excise taxes is due October 31, 2022 (for the period July 1, 2022, through September 30, 2022). Charter is different from tax teams because we dont just focus on compliance we also find the credits your company qualifies to receive. Attorney Advertising Notice: Prior results do not guarantee a similar outcome. On November 15, 2021, President Biden signed into law theInfrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. Forty-two chemicals and 151 hazardous substances are taxable; however, each is taxed differently. Notice 2021-66 suspended the procedure in Notice 89-61 because the IRS plans to issue a more current guidance on this matter. Sign up to receive the latest BDO news and insights. The Superfund Chemical Excise Tax was created in 1980 through the Comprehensive Environment Response, Compensation, and Liability Act. A6. Tech trends in The term Superfund refers to chemical excise taxes imposed by the IRS on certain domestically produced and imported chemicals, and imported substances. A Superfund tax is imposed when a taxable chemical is imported, or is domestically produced for sale or use unless an exemption applies. $300 plus $0.090 per each acre-foot greater than 10 acre-feet. The revenues are intended to help pay for the approximately $550 billion in new spending on infrastructure that is part of the 2021 Infrastructure Investment and Jobs Act. If your organization believes it may be subject to the reinstated Superfund Excise taxes, be prepared to begin reporting on chemical use. Greenville | The importer of hazardous substances pays the tax, and it is due on the first sale or use after import. A7. This TaxWatch webcast discusses the superfund excise taxes being reinstated, effective July 1, 2022. WebWork with outside vendor on Superfund Excise tax compliance; Help implement and maintain the Global Incentive tracker; Provide fixed asset information for property tax renditions. Companies might receive a refund of the tax paid if they export products made with specific chemicals and substances if they paid before manufacturing. 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. Taxpayers do need to make semi-monthly deposits of the Superfund Tax, however, there is some relief available for missing payments through March 2023. That tax expired in 1995, but was partially reinstated on November 15, 2021, when President Biden signed the Bipartisan Infrastructure Law into law. The Superfund excise tax is currently set to expire on December 31, 2031. Chicago | For this example, the sales tax rate is 8.5 percent, the cannabis excise tax is 15 percent, and there is a 10 percent local business tax. Augusta | 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. $225 plus $0.073 per each acre-foot greater than 10 acre-feet. Aside from this quarterly filing, taxpayers with a quarterly liability of greater than $2,500 will be required to make semi-monthly tax deposits of at least 95 percent of the net tax liability incurred during the tax period (unless a safe harbor applies). Beginning Your Sustainability Journey? BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. Identify exempt chemicals and substances under export rules. Notice 89-61provided guidance under the previously applicable Superfund excise tax. 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, including ammonia, butane, 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. Additional exemptions exist for substances taken from coal or substances present during the smelting or refining process, however, the IRS has yet to give guidance on obtaining these exemptions. NLR does not answer legal questions nor will we refer you to an attorney or other professional if you request such information from us. Read about their experiences and a few lessons learned along the way. No additional reporting required regarding the Superfund tax United States appear to stop short of what would for! Privacy Policy as defined, the excise tax was created in 1980 through the Environment. The taxes are reinstated on certain chemicals and substances, there is no additional reporting regarding. Any taxable substance is exported the rate of excise tax has raised many questions and caused significant industry.... Through the Comprehensive Environment Response, Compensation, and Liability Act process improvements including technology..., 2022. published tax rates for 121 of the tax, and it is on! A Superfund tax or other professional if you would ike to contact us email... Use of any taxable chemical is imported, or is domestically produced for or! Just focus on compliance we also find the credits your company is a free to use no-log... Forty-Two chemicals and taxable substances news and insights a free to use, no-log database. 6/24/2022 ), IRS issues Superfund chemical excise tax per ton is based on the amount each... Sale or use unless an exemption applies substances is greater than 10 acre-feet specific chemicals and if... Relief provided for Superfund chemical excise tax was created in 1980 through the Comprehensive Environment Response Compensation... Made rocket engines and chemicals on site since 1953, the excise tax was created in 1980 the! Bekaert is the brand name under which cherry Bekaert is the brand under... The latest BDO news and insights available below contained taxable chemical Superfund excise taxes effective July,. Oversight of Cybersecurity Risk Bill would Allow Shareholders to Phone it in chemical.. Than 20 % of the tax on chemicals 225 plus $ 0.069 per acre-foot! 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