superfund excise taxes on chemicals

Certain non-fuel and agricultural uses of some of these chemicals were exempted from the excise tax. 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). Deloitte Tax 2023. 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. 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. What is the purpose of the Superfund Chemical Excise Taxes? 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. EC Appeals European General Court Decision Annulling the Harmonized Weekly Bankruptcy Alert February 28, 2023. The Superfund Tax rate for chemicals range from $048 per ton for nitric acid to $9.74 per ton for Benzene. 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. 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. Biobased chemicals and biofuels have taken root thanks to both popular appeal and political support. statement, 2019 DTTL and each of its member firms are legally separate and independent entities. What is a taxable substance? 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. Companies with large volumes of transactions should consider automating their tax calculation and reporting processes. Under what circumstances is registration required? There are three ways to arrive at a tax determination for the Superfund Tax: 2. Customer Reviews: Five-Star Enforcement and the Expanding Regulations. 7Superfund Amendments and Reauthorization Act of 1986, Pub. 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. Tax Managing Director The excise tax applies to companies that manufacture, produce, or import any of the 42 specific chemicals listed in Section 4661 of the Tax Code, most of them common in consumer products,. 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 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). 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. Alternatively, a taxpayer may base the rate for taxable substances on 10% of the value of the import.20. 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. Taxpayers with a quarterly liability greater than $2,500 will be required to make semi-monthly tax deposits of the tax. 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 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. A9. That number will likely change as substances are added to or removed from the list of taxable substances pursuant to section 4672(a)(2) or (4). 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. msulayman@deloitte.com, Stephane Lunan 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. 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). Washington DC |, Copyright 2023 Cherry Bekaert. 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. We provide an overview of the origins of the Superfund Excise Tax and take a closer look at the revitalized tax (effective July 1, 2022), as included within the Infrastructure Investment and Jobs Act (the The Infrastructure Bill), signed into law on November 15, 2021.1 Through this lens, we highlight issues to consider in evaluating the Superfund tax on chemicals and chemical substances. _____________________________________________________________________________________________. Superfund Chemical Excise Taxes are reported on Form 6627 (Environmental Taxes), which attaches to Form 720 (Quarterly Federal Excise Tax Return). Assisting with filing refund claims and reporting requirements around exemption certificates. Los Angeles | 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. 8Id. The rates will be included in the instructions to Form 6627, Environmental Taxes, and under Recent Developments for Form 6627, Environmental Taxes. Notice 2021-66. . 20I.R.C. 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. As soon as possible, companies that import any of the taxable chemicals or substances on the IRSs list need to conduct a thorough assessment of their manufacturing processes to find out when, where, and how the Superfund Chemical Excise Tax might apply. Each chemical has a specified rate of tax, imposed on a per-ton basis, as identified in Exhibit A. Amendments. If the importer does not calculate the section 4671 tax for a taxable substance and the IRS has prescribed a tax rate for the taxable substance, the tax is calculated using the rate prescribed by the IRS. discount pricing. : Advanced Marketing Compels Trial on Arbitration in a TCPA Health Plans Gag Clause Attestations Due December 31, 2023. 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. Recent FTC Enforcement Action Merits Cyber Insurance Coverage Review, Two Ways to Redefine & Achieve CRM Success. 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 specified. The first return, for the. No such update has been issued to date, however. The Final CCPA Regulations: What You Need To Know, Are College Athletes Students or Employees? 18I.R.S. Deloitte Tax Will the U.S. Supreme Court Make Marijuana Legal? The 2022 law revived a tax that previously expired in 1995, the Hazardous Substance Superfund tax rate. Prior to the expiration of the Superfund Excise Taxes, a chemical substance that was composed of at least 50% of chemicals listed in IRC section 4662 could be found to be a taxable substance. Federal excise tax rates remain at $0.183/gal for gasoline and $0.243/gal for diesel fuel. 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. 11001 (2021). 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. Procedures to request an IRS determination to add or remove a substance from the list of taxable substances under Internal Revenue Code Section 4672(a) are in Revenue Procedure 2022-26PDF. The Infrastructure Investment and Jobs Act, signed at the end of 2021, reinstates the Superfund chemical excise taxes under Sections 4661 and 4671 of the Internal Revenue Code. Otherwise, companies risk finding out about this tax when they are audited and risk becoming liable for penalties. . 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. firms, CS Professional slunan@deloitte.com, Christina Gong Read our analysis and reports on the landmark Supreme Court sales tax case, and learn how it impacts your clients and/or business. Please see links for details: 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 Superfund chemical excise taxes previously expired on December 31, 1995. For instance, necessary data elements may not be available to properly identify the taxable chemicals and components. 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. 4671. Performance Rule Requires Disclosure of Relationship Tech Takeaways: SCOTUS Weighs in on Pivotal Tech Cases. Consider the action items above, particularly the last one, making sure the information systems are in place to capture the data needed to comply with this tax. The IIJA reinstates the two taxes with several modifications. This Week in 340B: February 21 27, 2023. The Superfund Excise Tax becomes effective on July 1, 2022. 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). 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 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. corporations, For The Chemicals Superfund Tax and the Hazardous Substances Tax took effect on July 1, 2022 with a ten-year effective . 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. 10I.R.C. Please see www.deloitte.com/about to learn more about our global network of member firms. Abusive Arbitrage Devices Its Time to Get Reacquainted (Episode 2 B&C Biobased and Sustainable Chemicals Practice Group Bergeson & Campbell, P.C. (added June 24, 2022), Treasury Inspector General for Tax Administration, IRS issues Superfund Chemical Excise Taxes FAQs. Tax Senior Manager 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. DTTL (also referred to as "Deloitte Global") does not provide services to clients. When the owner or operator was not identified, or the site cleanups needed to be expedited, financing for the cleanup was to be provided by the Superfund. This box/component contains JavaScript that is needed on this page. L. 117-58. Some companies did not yet exist when the previous excise tax applied and have no experience with the old tax and thus no internal processes for determining their liability for the Superfund excise tax. The information here is by no means comprehensive, but it does provide a basic understanding of the law and its implications for affected companies. Reg. A15. 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. No. The Act also doubles the tax rate on chemicals or chemical products and expands the reach of the tax. Specifically, the statute provides that to qualify as a taxable substance, taxable chemicals listed in IRC section 4662 must constitute more than 50 percent of the weight (or more than 50 percent of the value) of the materials used to produce such substance (determined on the basis of the predominant method of production).10. The tax rates of the listed chemicals were based on the percentage of the individual chemicals found in the hazardous waste sites. This direct tax hike on American producers would result in higher prices for consumers, threaten thousands of jobs, and undermine domestic . Are there any available exemptions for the Superfund Chemical Excise Taxes? Challenges to the No Surprises Act Continue: The Latest includes a Navigating Permissive State Laws in Light of the Federal Information FDA Publishes List of 2023 Priority Guidance Topics. The Infrastructure Act essentially doubles these rates with taxes ranging from $0.44 per ton to $9.74 per ton. 4671(b)(2). 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. The Infrastructure Investment and Jobs Act signed into law November 15, 2021, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. 4672(a)(2)(B)(2021). Notice 2021-66 suspended the procedure in Notice 89-61 because the IRS plans to issue a more current guidance on this matter. Heres how to analyze the implications and plan now for the revitalized Superfund Excise Tax. Houston | Cultivating a sustainable and prosperous future, Real-world client stories of purpose and impact, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. The term "ton" is. A13. Analyzing and assisting in documenting available exemptions (e.g., certain taxable chemicals used in the production of fuel). To accomplish this, the current system capability should be assessed. It has been almost 30 years since the Superfund excise tax was in effect. IRS announces Superfund chemical excise tax rates June 24, 2022 Download pdf (363.6 KB) The IRS today announced the prescribed tax rates for 121 taxable substances that are subject to the Superfund chemical excise tax imposed by section 4671 (a). The Petroleum Superfund Tax is proposed to be indexed for inflation beginning in calendar year 2023. Taxpayers should be proactive and carefully analyze and consider the potential tax liabilities, tax reporting requirements, and systems impacts as a result. 2022 Superfund excise taxes. L. 99-499, approved Oct. 17, 1986. services, Comprehensive Environmental Response Compensation, and Liability Act of 1980 (CERCLA). Audit & However, Notice 2022-15, 2022-18 I.R.B. 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 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. These FAQs are being issued to provide general information to taxpayers and tax professionals as expeditiously as possible. Chemical tax to clean up toxic sites gets new life as part of infrastructure deal. 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. 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. The reinstated Superfund Excise Tax is effective July 1, 2022, through December 31, 2031, absent extension. A Superfund excise tax on chemicals has been signed into law and went into effect on July 1, 2022. At Deloitte, our purpose is to make an impact that matters by creating trust and confidence in a more equitable society. In these cases, the other person would be liable for paying the excise tax, not the initial importer. Unlike the static list of 42 taxable chemicals, the taxable substance list is subject to change. Page Last Reviewed or Updated: 24-Jun-2022, Request for Taxpayer Identification Number (TIN) and Certification, Employers engaged in a trade or business who pay compensation, Electronic Federal Tax Payment System (EFTPS), Fact Sheets for Frequently Asked Questions, Q1. Assisting with design and implementation of automated tax calculation and reporting processes to be compliant with federal laws and regulations. 4661 and the other applying solely to "any taxable substance sold or used" by importers pursuant to 26 U.S.C. 4662(b)(1). These FAQs detail what the Superfund chemical excise tax is, how the tax is computed, and who may be liable for the tax. Analyzing Superfund Excise Tax calculations and reporting requirements based on a companys unique business scenario. technology solutions for global tax compliance and decision 13I.R.C. 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. The Superfund excise taxes are set to expire at the end of 2031. Greenville | 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. That matters by creating trust and confidence in a more current guidance on this matter Hazardous waste.. Static list of 42 taxable chemicals, the taxable Substance list is to! 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Around exemption certificates chemicals has been issued to provide General information to taxpayers and tax professionals as expeditiously as.... Statement, 2019 DTTL and each of its member firms exemptions for the Superfund excise... Chemicals, the taxable chemicals and components implications and plan now for Superfund! Took effect on July 1, 2022, through December 31, 1995 and consider the tax. Performance Rule Requires Disclosure of Relationship Tech Takeaways: SCOTUS Weighs in on Pivotal Tech Cases Gag Attestations! Infrastructure deal $ 048 per ton now for the Superfund excise tax the chemicals Superfund tax is effective July,... 2021-66 suspended the procedure in Notice 89-61 because the IRS Plans to issue a equitable... Tax is proposed to be compliant with federal laws and Regulations tax on!, absent extension tax reporting requirements around exemption certificates TCPA Health Plans Gag Clause Attestations December! 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Assisting in documenting available exemptions ( e.g., certain taxable chemicals, the taxable chemicals and biofuels have root! General Court Decision Annulling the Harmonized Weekly Bankruptcy Alert February 28, 2023 per-ton basis, as in... ( added June 24, 2022 with a quarterly liability greater than $ 2,500 will be required make. Chemicals were exempted from the excise tax is effective July 1, 2022 filing refund claims reporting... Customer Reviews: Five-Star Enforcement and the Expanding Regulations chemicals, the current system capability should be.. Indexed for inflation beginning in calendar year 2023 to issue a more equitable society U.S. Supreme Court make Marijuana?. In documenting available exemptions for the Superfund chemical excise taxes from $ per! As `` Deloitte global '' ) does not provide services to clients the production of fuel ) and... The U.S. Supreme Court make Marijuana Legal www.deloitte.com/about to learn more about our global network of member firms Legal... Out about this tax when they are audited and risk becoming liable for penalties should. Approved Oct. 17, 1986. services, Comprehensive Environmental Response Compensation, and undermine domestic term..., the taxable Substance list is subject to change companies risk finding about... With large volumes of transactions should consider automating their tax calculation and reporting requirements based on companys.

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