superfund excise taxes on chemicals

DTTL and each of its member firms are legally separate and independent entities. A7. This tax provided a federal fund to remediate toxic spill sites when a responsible party could not be identified. Information must be available to properly calculate and remit taxes due, apply for refunds, or request exemptions. How are substances added to or removed from the list of taxable substances? I am an importer of taxable substances. All Rights Reserved. tax, Accounting & No such update has been issued to date, however. 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. DeloitteTax 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. Boston | The taxes, which should go in effect on 1 July 2022, are estimated to raise approximately $14.45bn over a 10-year period ONESOURCE Determination gives companies the ability to quickly comply with Superfund Excise and Hazardous Substance taxes by automatically and accurately calculating the amount of excise tax owed. services, Comprehensive Environmental Response Compensation, and Liability Act of 1980 (CERCLA). What is a taxable substance? The two most significant excise tax provisions of HR 3684 are (1) reinstatement of the Section 4661 taxes on sales by a taxpayer that manufactures, produces, or imports certain chemicals and (2) reinstatement of Section 4671 taxes on an importer's sale or use of specified substances. The money gathered from the taxes was used to fund the clean-up of hazardous waste disposal sites across the United States. Additionally, the Infrastructure Investment and Jobs Act ("IIJA") double the tax rate on chemicals or . Washington DC |, Copyright 2023 Cherry Bekaert. The more you buy, the more you save with our quantity The Superfund tax on chemicals is also a tax on the import of taxable substances. 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. When are the new Superfund Chemical Excise taxes due? To accomplish this, the current system capability should be assessed. A14. Assisting with risk analyses and internal processes (design or documentation). Deloitte Tax The Final CCPA Regulations: What You Need To Know, Are College Athletes Students or Employees? As reinstated, the Superfund excise tax will apply to a list of taxable chemicals and taxable substances, as ofJuly 1, 2022,throughDecember 31, 2031, if not extended. 4671. Even companies that have been on the market for decades may not have many employees who were around when the previous excise tax applied. In November 2021, President Biden signed the Infrastructure Investment and Jobs Act. Many entities are struggling with its application. 15I.R.C. BIPA ALERT: Illinois Supreme Court Opens the Door to Punitive, President Biden to Nominate Julie Su as New Secretary of Labor, The European Unitary Patent: Why Retailers Should Care, New York City Employers Prepare for AI Bias Law [VIDEO], Administration's WOTUS Rule Muddies Jurisdictional Waters. President Joe Biden called for reinstating the Superfund taxes as part of his $2 trillion infrastructure proposal . Semi-monthly payments should be made by the 15 th and 30 th of each month, but the IRS is providing relief from penalties for non-payment up through the first quarter of 2023. Form 6627, Environmental Taxes, previously used to report the Superfund Tax, will likely be used again to report the tax owed. 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. Excise Tax on Select Chemicals. The new infrastructure bill revives the Superfund and will impose 42 new excise taxes on chemicals. 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 Superfund tax rate will now be adjusted annually to . Reg. More for 20I.R.C. 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. 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. Various exemptions exist for taxable chemicals. The Chemicals Superfund Tax and the Hazardous Substances Tax took effect on July 1, 2022 with a ten-year effective . IRS issues Superfund Chemical Excise Taxes FAQs FS-2022-31, June 2022 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. The law imposes a tax on any taxable chemical sold by the manufacturer, producer, or importer. msulayman@deloitte.com, Stephane Lunan It is imposed on any taxable chemical sold or used by a manufacturer, producer, or importer on or after July 1, 2022.It also is imposed on any taxable substance sold or used by the importer on or after July 1, 2022.The Superfund Tax funds the Hazardous Substance Superfund Trust Fund . Section 4662(c)(2) provides an additional exemption from tax liability where a company imports a taxable chemical and exchanges that chemical as part of an inventory exchange with another person. Technology/systems impacts 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. 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. The National Law Review - National Law Forum LLC 3 Grant Square #141 Hinsdale, IL 60521 Telephone (708) 357-3317 ortollfree(877)357-3317. Statement in compliance with Texas Rules of Professional Conduct. Historical reporting requirements for Superfund excise taxes Prior to the expiration of the Superfund excise taxes in 1995, taxpayers were required to register under Form 637, Application for Registration (For Certain Excise Tax Activities), activity letter G (Persons making inventory exchanges of taxable chemicals under section 4662(c)(2) or persons selling or buying Federal excise tax rates remain at $0.183/gal for gasoline and $0.243/gal for diesel fuel. Identification of the chemical manufacturers and importers subject to the Superfund Tax. 12I.R.S. Infrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. 2023. There are three ways to arrive at a tax determination for the Superfund Tax: 2. 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 . The U.S. Environmental Protection Agency (EPA) administered the expenditures and used the funds to clean up hazardous waste sites around the United States. For hazardous substances, the taxable event is the importation of the substance by an importer, and the tax is due upon the first sale or use after the substance is imported. It has been almost 30 years since the Superfund excise tax was in effect. 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 This would be for the periodJuly 1-September 30, 2022. statement, 2019 4661 imposes tax on the sale or use by the manufacturer, producer, or importer of 42 listed chemicals. Nothing in the statute or in Notice 2021-66, for example, references manufactured items in the context of taxable substances. (added June 24, 2022), Q10. This memorandum explains why. 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. A list of taxable chemical substances and procedures for the reinstated Superfund chemical taxes are in Notice 2021-66. The choice of a lawyer or other professional is an important decision and should not be based solely upon advertisements. US Executive Branch Update February 27, 2023. Its also important to understand the tax calculation and reporting requirements and to align with other business functions to implement a process to meet data, process, and system requirements. The Infrastructure Bill lowers the thresholdfor a chemical substance to meet the definition of taxable substance, thus more imports may be subject to this tax. 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. California Assembly Bill Pushes for Womens Designated Restrooms on Mississippi Legislature Takes Up Pass-Through Entity Election FTC Signals Increased Scrutiny of Technology Sector Through Understanding the Corporate Transparency Act and Ensuring Compliance. Frequently Asked Questions: Superfund Chemical Excise Taxes. Strictly Confidential? 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. 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. (added June 24, 2022), Q6. A1. Activity letter G is reinstated for persons making inventory exchanges of taxable chemicals under section 4662(c)(2), or persons selling or buying intermediate . Everyone loves infrastructure, but it pays to read the fine print. See section 4671(b)(1). See also I.R.C. Is there a way to check the status of an application for Activity Letter G registration? These FAQs were announced in IR-2022-131. corporations, For Taxable substances are those substances listed in either section 4672(a)(3) of the Code or Notice 2021-66. Hydrocarbon streams containing mixtures of organic taxable chemicals. 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 Notice essentially allows taxpayers untilOctober 31, 2022, to determine whether a Superfund excise tax applies and to calculate how much taxed is owed. 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. Some highlights on the petroleum products tax are as follows: Imposition of the Tax The exemptions identify taxable chemicals that are exempt due to their specific use. 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. The notice also addresses registration requirements to exempt certain sales and uses of taxable chemicals from tax. Audit & The first quarterly reporting for the Superfund Tax on Form 720 is due Oct. 31, 2022. The information here is by no means comprehensive, but it does provide a basic understanding of the law and its implications for affected companies. When do the Superfund chemical excise taxes go into effect? 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. This would make the first tax deposit covering thefirst half of July 2022due byJuly 29, 2022. 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 Superfund excise taxes are set to expire at the end of 2031. Assisting with filing the federal excise tax returns and semi-monthly deposit reporting. For exporters, IRC 4662(e) provides for a refund of the Superfund Tax for both taxable chemicals and taxable substances that are exported. Effective July 1, 2022, excise taxes are reinstated on certain chemicals and imported chemical substances. Calculate the rate based on the percentage amount of each listed chemical included in the substance. 2Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA), Pub. Prior to 1996, the rates of tax on those chemicals ranged from $0.22 per ton to $4.87 per ton. Assisting with design and implementation of automated tax calculation and reporting processes to be compliant with federal laws and regulations. Cherry Bekaert is the brand name under which Cherry Bekaert LLP and Cherry Bekaert Advisory LLC provide professional services. Notice 2021-66. . The Hazardous Substance Superfund financing rate was an excise tax of 9.7 cents per barrel of crude oil that applied from 1987 through 1995. . Superfund Chemical Excise Taxes are reported on Form 6627 (Environmental Taxes), which attaches to Form 720 (Quarterly Federal Excise Tax Return). 4662(e). Any legal analysis, legislative updates or other content and links should not be construed as legal or professional advice or a substitute for such advice. The return of the chemical excise tax affects taxpayers that manufacture, produce, or import certain chemicals, as Superfund Chemical Taxes are imposed on the sale of 42 specific chemicals (Taxable Chemicals) listed in 4661 (Chemical Sales Excise Tax), including ammonia, butane, benzene, mercury, and other common chemicals. The National Law Review is a free to use, no-log in database of legal and business articles. The term "ton" is. Accordingly, the procedural rules in26 C.F.R. The Superfund tax is assessed on the manufacturer or importer of these chemicals. Home Guidance Superfund Excise Taxes on Chemicals and Substances: How to Prepare. 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. 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. 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. Will the IRS prescribe tax rates for taxable substances? IRC section 4662(e) provides for a refund of the Superfund Excise Tax for the exporter of both taxable chemicals and taxable substances. 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. Heavy metals, halogens, acids, and bases are significant raw materials for many toxic inorganics.) When people refer to Superfund taxes, they're generally referring to excise taxes that are imposed on taxable chemicals listed under section 4661 and then taxable substances that are. 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. 96-125 at 14878 (1979). However, the IRS released a number of IRS Notices between 1990 and 1995 concerning taxpayer requests for a determination as to whether a listed chemical substance met the definition of taxable substance. This increased the taxable substances list to more than 100 individual chemical substances. At the time of publication of these FAQs, 151 substances are listed as taxable substances. The IRS is expected to issue guidance prior to theJuly 1, 2022, effective date of the Superfund excise taxes. 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). 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. A third excise tax on crude oil and petroleum products was reinstated in the Inflation Reduction Act . Raleigh | Tax Partner They were reinstated by section 80201(c)(3) of the Infrastructure Investment and Jobs Act (Public Law 117-58, 135 Stat. Updated procedural guidance on how to request the determination has not yet been published by the IRS as of the date of this article. 1Investment and Jobs Act, Pub. The Reinstated Superfund Excise Taxes. corporations. 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). Yes. Companies opting for the latter run the risk, however, of incurring penalties, should the IRS adopt a different view. It is critical for companies to engage in discussions with their IT departments early to prepare for the new reporting requirements. ffalvo@deloitte.com, Marshal Sulayman Do Issuers Fail To File Form Ds Because They Fear Trolls? Recent FTC Enforcement Action Merits Cyber Insurance Coverage Review, Two Ways to Redefine & Achieve CRM Success. Nonetheless, a taxpayer who reasonably and in good faith relies on these FAQs will not be subject to a penalty that provides a reasonable cause standard for relief, including a negligence penalty or other accuracy-related penalty, to the extent that reliance results in an underpayment of tax. To apply to participate in tax-free sales of intermediate hydrocarbon streams containing organic taxable chemicals or tax-free inventory exchanges of taxable chemicals, file Form 637, Application for Registration (For Certain Excise Tax Activities) with activity letter G. Page Last Reviewed or Updated: 04-Jan-2023, Request for Taxpayer Identification Number (TIN) and Certification, Employers engaged in a trade or business who pay compensation, Electronic Federal Tax Payment System (EFTPS), Self-Employment Tax (Social Security and Medicare Taxes), Form 720, Quarterly Federal Excise Tax Return, Form 637, Application for Registration (For Certain Excise Tax Activities), Treasury Inspector General for Tax Administration. 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. L. No. South Florida | 48839 (Oct. 21, 1983). Part II of Form 6627, Environmental Taxes, will be updated to reflect the tax rate per ton of each taxable chemical. 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Infrastructure proposal to fund the clean-up of hazardous waste disposal sites across the United States new! To fund the clean-up of hazardous waste disposal sites across the United.! 21, 1983 ) the reinstated Superfund chemical taxes are in Notice 2021-66, for,! Legal and business articles will the IRS as of the chemical manufacturers and importers subject the! Three ways to Redefine & Achieve CRM Success tax calculation and reporting processes to be compliant with federal and. Documentation ), President Biden signed the infrastructure Investment and Jobs Act IIJA... The money gathered from the taxes was used to report the tax owed of a or. To read the fine print new Superfund chemical taxes are reinstated on certain chemicals and substances: how Prepare! Tax determination for the latter run the risk, however, of incurring penalties, the... The brand name under which Cherry Bekaert is the brand name under Cherry. 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