1043, regarding deposits of the excise tax imposed on certain chemicals under 4661 of the Internal The FAQs state that at the time of publication, June 24, 2022, 151 substances are listed as taxable substances. The Instructions for Form 6627 state that to calculate the tax, taxpayers will generally need to know the ratio of the weight of each taxable chemical used to make the substance to the total weight of the substance (the conversion factor). 4662(b)(1). While the majority of the 42 listed chemicals are taxable by the manufacturer or importer upon the first sale or use, butane and methane only become taxable upon the first use other than as a fuel.23 This creates a potential liability for downstream product sales such that the first company that uses the methane or butane in a manner other than as a fuel will have to report and remit the Superfund Excise Tax. Acetylene Benzene Butane Butylene Butadiene Ethylene Methane Naphthalene Propylene Toluene Xylene Ammonia Antimony Antimony trioxide Arsenic Arsenic trioxide Barium sulfide Bromine Cadmium Chlorine Chromium Chromite Potassium dichromate Sodium dichromate Cobalt Cupric Prior to 1996, the rates of tax on those chemicals ranged from $0.22 per ton to $4.87 per ton. ffalvo@deloitte.com, Marshal Sulayman
The rationale for the fee collection point was so that the fee would be equally distributed among all hazardous waste generators and suppliers.6. WebRecommended field of study: Taxes. Tax Principal
This notice extends temporary relief provided in Notice 2022-15, 2022-18 I.R.B. This message will not be visible when page is activated. The National Law Review - National Law Forum LLC 3 Grant Square #141 Hinsdale, IL 60521 Telephone (708) 357-3317 ortollfree(877)357-3317. 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. 1043, regarding deposits of the excise tax imposed on certain chemicals under 4661 of the Internal (added June 24, 2022), Treasury Inspector General for Tax Administration, IRS issues Superfund Chemical Excise Taxes FAQs. 
Who is responsible for reporting and paying Superfund chemical excise taxes? 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. Court Sides with Subcontractor Planning a Giveaway: Legal Considerations for Contests and Sweepstakes, Preparing for the End of the COVID-19 Emergency: Telehealth, PFAS Plaintiff Asserts One of the Largest Class Actions in History. Read on for tips to consider when investing in Mexico. Rev. Heavy metals, halogens, acids, and bases are significant raw materials for many toxic inorganics.)
Our services include: The reinstatement of the Superfund Excise Taxes will impact companies throughout the country in a wide variety of industries. The list of 42 chemicals and their Between 1990 and 1995, dozens of taxpayers petitioned the IRS to determine whether different chemical substances wouldqualify as taxable substances, primarily for purposes of export, so as to qualify for an exemption or refund. Assisting with filing the federal excise tax returns and semi-monthly deposit reporting. Clarifies that nitric acid, sulfuric acid, ammonia, or methane used to produce ammonia are the only chemicals that qualify as exempt chemicals if used as fertilizers. 4671. 12I.R.S. Reporting
If you have questions or need assistance, please reach out to a professional at FORVIS or use the Contact Us form below. (added June 24, 2022), Q11. 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. A7. 
The original Superfund Chemical Excise Tax was enacted with the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) and expired on December 31, 1995. Clarifies that neither the mining of the ore nor the extraction of the taxable chemical from the ore is a taxable event. 2023. 10I.R.C. SEC Revisits Regulation S-P After Twenty Years of Innovation to Utility Ownership of Renewable Energy Projects; A Review of the Tax USCIS to Prioritize Pending I-539 Applications When Employers File I- A Sight for Sore Eyes: Sixth Circuit Rejects Governments Expansive EPA Will Hold GenRA Training on May 23, 2023, FTC Issues Three Important Reminders About HSR Compliance, IRS Releases Guidance on Energy Community Credit Adder. 3S. 3684 (Aug. 2, 2021). Taxable chemicals that are sold or used in the United States are taxed regardless of the quantity sold or used. (All oil and almost all hazardous substances are products of the oil industry, chemical and allied industries, and heavy metals industries. Describes that methane and butane are not organic taxable chemicals at the time of isolation from an intermediate hydrocarbon stream. 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. 
4Id. Accordingly, these FAQs may not address any particular taxpayer's specific facts and circumstances, and they may be updated or modified upon further review. FORVIS is a trademark of FORVIS, LLP, registration of which is pending with the U.S. Patent and Trademark Office. 18I.R.S. Biobased chemicals and biofuels have taken root thanks to both popular appeal and political support. What happens if an importer does not calculate the section 4671 tax? The Superfund was to be financed through environmental excise taxes, including: (1) excise tax imposed on domestic crude oil; (2) excise tax imposed on 429 (2021)), effective July 1, 2022, with modifications to the applicable rates of tax and other provisions related to those taxes. If there is not enough information to determine the conversion factor and the IRS has provided a tax rate for the substance, either online or in the Table of Taxable Imported Chemical Substances in the Instructions for Form 6627, then that tax rate applies. 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. (added June 24, 2022), Q8. 4671(b)(2). 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. The excise tax was applied to a list of 42 chemicals used predominantly in the oil, gas, and chemical industries. Fifth Circuit Re-examines Gender-Specific Spring Greens in Fashion From Runway to Regulation, Crypto Contagion Managing Risk on Multiple Fronts. CPE credit offered: up to 1.2 depending on duration. See how we connect, collaborate, and drive impact across various locations. Deloitte Tax
2Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA), Pub. The Infrastructure Bill lowered this threshold to 20%. Notice 2023-28 . SECTION 1. In 2010, 2023-20. NLR does not answer legal questions nor will we refer you to an attorney or other professional if you request such information from us. In our experience, it generally takes at least three months to fully implement and test a new business process and system implementation. In general, the excise tax on taxable chemicals is imposed on the sale or use of taxable chemicals by 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. 
Social login not available on Microsoft Edge browser at this time. 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. 117-58, enacted November 15, 2021) reinstated excise taxes imposed on certain chemicals and substances under sections 4661 and 4671 (often referred to as Superfund excise taxes) and modified the applicable rates of tax and other provisions related to such taxes. InNotice 2022-15, the IRS provides relief for thethird and fourth calendar quarters of 2022and thefirst calendar quarter of 2023, regarding the failure to deposit penalties imposed by Section 6656 for failures to deposit Superfund chemical excise taxes throughMarch 31, 2023. However, Notice 2022-15, 2022-18 I.R.B. According to the FAQs, importers are not required to use the IRS-prescribed tax rates for the Section 4671 tax and may calculate their own rates. A petition may be submitted to add a substance to the List if taxable chemicals constitute more than 20 percent of the weight or value (as an aggregate of all taxable chemicals) of the materials used to produce such substance. DeloitteTax
Clarifies that the term taxable chemical does not include any substances derived from coal. A11. A6. IRC section 4662 directs the IRS to release guidance as to the appropriate manner of reporting exempt sales or claiming refunds. What are the Superfund chemical excise taxes? Learning objectives: Understand the recently enacted Infrastructure legislation as it pertains to the Superfund chemicals excise tax; identify the tracking, importation, and tax implications of the legislation upon a company; provide a perspective on how leading-practice organizations are planning to comply. Defines conversion factors, importer, drop shipments, predominant method of production, taxable chemical, taxable substance, weight, and value tests. Under section 3(a) relief for the third and fourth calendar quarters of 2022, and the first calendar quarter of 2023, regarding the failure to deposit penalties imposed by NFA Imposes New Compliance Obligations on Members Engaged in Digital PE Firms Face Liability for the Conduct of their Portfolio Companies Washington Energy & Sustainability Update April 2023, U.S. Executive Branch Update March 3, 2023, Top 10 Issues Facing Consumer Products Industry in 2023. Section 4672(a)(2) of the Code allows an importer or exporter of any chemical substance to request a determination of whether such substance should be listed as a taxable substance on the list or be removed from the list. Section 4671(a) imposes an excise tax on the sale or use of a taxable substance by the importer of the taxable substance. No Problem! 6Id. Deloitte Tax
Gives examples to illustrate the rules under 4661. For taxable substances, the importer of the taxable substance is responsible for reporting and paying the section 4671 tax to the IRS. Any later updates or modifications to these FAQs will be dated to enable taxpayers to confirm the date on which any changes to the FAQs were made. The IRS also recently releasedRevenue Procedure 2022-26, which provides the exclusive procedures for requesting a determination under Section 4672(a)(2) of the Internal Revenue Code (Code) that a substance be added to or removed from the list of taxable substances under Section 4672(a) of the Code (List). Taxpayers may petition the IRS to determine whether a substance falls within the taxable substances list. 
Celebrating the Two-Year Anniversary of Ford The Ninth Circuits China Import Duties Here to Stay? 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. Learning objectives: Understand the recently enacted Infrastructure legislation as it pertains to the Superfund chemicals excise tax; identify the tracking, importation, and tax implications of the legislation upon a company; provide a perspective on how leading-practice organizations are planning to comply. These chemicals include chlorine, ethylene, propylene, and other chemical building blocks for compounds used in everything from automobiles to building and construction. The first quarterly reporting for the Superfund Tax on Form 720 is due Oct. 31, 2022. If there is not enough information to determine the conversion factor and the IRS has not provided a tax rate for the substance, then the tax is ten percent of the appraised entry value of the substance. As part of the Infrastructure Investment and Jobs Act signed into law November 15, 2021, the Superfund Excise Taxes go into effect July 1, 2022. Chemical mixtures include alloys, solutions, suspensions, and colloids. We will also share insights into aspects of the Superfund Tax clarified by the proposed regulations, issues that the proposed regulations did not address, and new uncertainties potentially created by the proposed regulations. Litigation Minute: Website Analytics or Illegal Wiretapping? The original Superfund taxes targeted three areas: petroleum excise taxes, chemical feedstock excise taxes, and environmental income taxes. See also I.R.C. 
There are two separate Superfund chemical excise taxes: a tax on the sale or use of taxable chemicals and a tax on the sale or use of imported taxable substances. The reinstated taxes impose an excise tax on the sale or use of ataxable chemicalby the manufacturer, producer, or importer of the taxable chemical, as well as an excise tax on the sale or use of ataxable substanceby the importer of the taxable substance. Key points are: The tax is due upon sale or use of the taxable substance or taxable chemical. 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. Defines exportation, exporter, importer, and drop shipments in and outside the United States. A15. There are two separate Superfund chemical excise taxes: a tax on the sale or use of "taxable chemicals" under section 4661 of the Internal Revenue Code and a tax on the sale or use of imported "taxable substances" under section 4671 (all section references are to the Internal Revenue Code unless otherwise stated). Rep. No. WebThe Infrastructure Investment and Jobs Act (Infrastructure Act), signed by President Biden on November 15, 2021, has revived and doubled the long-expired Superfund excise taxes on selected chemicals. Defines intermediate hydrocarbons as a mixture of organic chemicals that requires further distillation or processing to manufacture or produce a taxable chemical. 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 was part of the 2021 Infrastructure Bill signed into law on November 15, 2021, and comes into effect on July 1, 2022, taxing almost 200 chemicals and substances, with the chemicals taxed at double the rate of the original Superfund tax that expired in 1995. Statement in compliance with Texas Rules of Professional Conduct. Importers
Please join EY's panel of professionals for a webcast focused on the recently released proposed regulations pertaining to the environmental taxes imposed by IRC Sections 4661 and 4671. Congress directed the Department of Treasury to publish an additional list of the taxable substances by January 1, 2022. There is nothing intuitive or easy about this tax -- neither knowing when it applies nor computing it. 20I.R.C. This box/component contains JavaScript that is needed on this page. 9See I.R.C. There are two separate Superfund chemical excise taxes: a tax on the sale or use of taxable chemicals and a tax on the sale or use of imported taxable States that 4671 tax attaches at the time the importer first sells or uses the taxable substance. Accordingly, the chemicals are taxed upon the first sale or use after import or manufacture in the United States, and the importer or manufacturer is liable for the excise tax, which it may pass along to its customers.22. The excise tax, which went into effect in July 2022, was reinstated after nearly 30 years as part of the 2021 infrastructure law to help fund the cleanup of hazardous sites. Organic: Relating to compounds that contain hydrocarbon groups. The Superfund Excise Taxes will be reported on a quarterly basis on IRS Form 720, Quarterly Federal Excise Tax. No 4661 tax is imposed on sulfuric acid produced solely as a byproduct of and on the same site as air pollution control equipment. Notice 2023-28 extends the temporary relief provided under 3(a) of Notice 2022-15 related to the failure to deposit penalty imposed by code 6656. 
The Maywood Chemical Co. Superfund site is located in Maywood, Lodi and Rochelle Park, New Jersey. Notice 2022-15 [PDF 133 KB] provides:. 4672(a)(2)(B)(2021). Analyzing Superfund Excise Tax calculations and reporting requirements based on a companys unique business scenario. Provides a sample model certificate to support tax-free sales of taxable substances under 4671. This notice extends temporary relief provided in Notice 2022-15, 2022-18 I.R.B. On June 24, 2022, the IRSannouncedthat it prescribed tax rates for 121 of the 151 taxable substances. These FAQs were announced in IR-2022-131. As discussed above, the list of taxable substances was incorporated into the IRC as a result of SARA, effective in 1989. Effectively tracking necessary data through the supply chain may be a challenge as well. No 4661 tax is imposed in the case of nitric acid, sulfuric acid, ammonia, or methane used to produce ammonia if used as an animal feed substance. L. 96- 510, 42 U.S.C. The new Superfund Chemical Tax, which is set to expire on December 31, 2031, unless otherwise extended, is estimated to generate $14.5B in fund revenue over the next decade at an average of $1.44B annually. 
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. Superfund Chemical Taxes will need to be reported on the third-quarter 2022 Form 720 due October 31, 2022, for the period July 1, 2022, through September 30, 2022. A4. Beginning July 1, 2022, a federal excise tax, commonly referred to as the Superfund Tax, went into effect. Known commonly as the "Superfund Tax," this excise tax is levied on certain chemicals that are either manufactured in the US or imported, and is imposed on imported chemical substances containing those chemicals; the tax is effective July 1, 2022 (see Tax Alert 2021-2059). 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. White House OSTP Outlines Goals for U.S. Biotechnology and NIST Launches New Trustworthy and Responsible AI Resource Center. 
Extension of Temporary Relief Related to the Penalty for Failure to Deposit Superfund Chemical Taxes . An official website of the United States Government. 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 -- substances that are not listed are not taxable, regardless of their content. Manufacturers, producers, or importers that sell or use any of these chemicals must pay a tax of $0.44 to $9.87 per ton, depending on the chemical, a rate per ton of each taxable chemical. The IRS will not process such requests. Describes the one-step isolation process and the multistep isolation process for intermediate hydrocarbons. The IRS published IRS Notice 2021-66 on December 13, 2021, which included the list of approximately 100 taxable substances previously considered by the IRS in the early 1990s via individual IRS Notices, which will now be subject to the Superfund Excise Taxes (see Exhibit C).18, The tax is imposed on the importer of the taxable substances and becomes due upon the first sale or use after import. These FAQs detail what the Superfund chemical excise tax is, how the tax is computed, and who may be liable for the tax. Extension of Temporary Relief Related to the Penalty for Failure to Deposit Superfund Chemical Taxes . As an example, a paint product manufactured outside the United States and imported into the United States is not subject to the excise tax if the specific component substances are not identified as taxable substances, regardless of the elemental content of the components. Please see www.deloitte.com/about to learn more about our global network of member firms. 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. A12. Kentucky Governor signs Bill Aimed at Mitigating Healthcare Workforce Utah DAOs and Donts: New Law Provides Limited Liability for (UK) What is Vote Swamping in a CVA and When Might it be Unfairly B&C Biobased and Sustainable Chemicals Practice Group Bergeson & Campbell, P.C. 
PURPOSE . The unique considerations of butane and methane require taxpayers further down the supply chain to be aware of the procedural issues affecting chemicals. Reinstatement of the Superfund excise tax 8Id. 52.4661-1 4662-4, 48 Fed. Kentucky HB 360 would allow a PTE to elect to pay its tax liability at the entity level on behalf of its individual owners. 
IRC section 4672 additionally directed importers and exporters to request a determination from the IRS as to whether a specific unlisted chemical substance should be included in the list of taxable substances. 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). 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, benzene If, on the other hand, a company manufactures a paint component in the United States using a taxable chemical, the company would be taxed on the use or sale of the taxable chemical regardless of the quantity of the chemical in the product. Tax Managing Director
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Superfund tax on chemicals Sec. Guidance Regarding Required Changes to Severance/Separation Agreements, FDA Holds Joint Meeting on Food Safety with Mexican Counterparts. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. A taxable chemical is a chemical that is: (1) listed in Section 4661(b) of the Code; and (2) manufactured or produced in the United States or entered into the United States for consumption, use, or warehousing. From 1983 to 2009, the electroplating plant continued to operate as the chemical contaminated the factory building, soil, and groundwater in the area. 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. 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. The Superfund Excise Tax is imposed on the manufacturer or importer of the listed chemicals, and the tax becomes due upon the first use or sale in the United States.15. See Section 4671(b)(2). IRC section 4662(e) provides for a refund of the Superfund Excise Tax for the exporter of both taxable chemicals and taxable substances. This assessment should include a review of the transaction life cycle, master data setup, cost computation and recognition, and general entry posting. In addition, the proposed regulations provide model certificates and examples for the taxpayer to follow in an effort for taxpayers to consistently apply the Superfund excise tax rules., Before these proposed amendments to the regulations are adopted as final regulations, consideration will be given to comments that are submitted timely to the IRS. Describes that the tax rate prescribed by the Secretary equals the amount of 4671 tax that would have been imposed if the taxable substance were produced using the predominant method of production of such substance using a stoichiometric material consumption equation that assumes a 100% yield. Liability at the entity level on behalf of its individual owners or processing to manufacture or produce taxable! June 24, 2022 tax to the appropriate manner of reporting exempt sales or claiming.. Industries, and bases are significant raw materials for many toxic inorganics. throughout country... Outlines Goals for U.S. Biotechnology and NIST Launches new Trustworthy and responsible AI Resource Center temporary relief Related to IRS. Section 4662 directs the IRS a challenge as well to learn more about our global network of member.. Deloittetax clarifies that neither the mining of the Superfund excise taxes will be reported on a quarterly on... Superfund excise tax affecting chemicals as to the IRS to determine whether a falls... On for tips to consider when investing in Mexico chain to be aware of the taxable... First quarterly reporting for the Superfund tax, commonly referred to as the Superfund tax went! Filing the federal excise tax calculations and reporting requirements based on a companys business! Is nothing intuitive or easy about this tax -- neither knowing when it applies nor computing it Form!, it generally takes at least three months to fully implement and test a new business and... 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