. What do companies need to do in order to prepare for these taxes? In our experience, it generally takes at least three months to fully implement and test a new business process and system implementation. More for (added June 24, 2022), Q3. (b) Amount of Tax The amount of tax imposed by subsection (a) shall be determined in accordance with the following table: (c) Termination No tax shall be imposed by this section after December 31, 2031. Inferences, however, can be made from the absence of any mention in the law. The specified. SaraBeth Smith Federal excise tax rates remain at $0.183/gal for gasoline and $0.243/gal for diesel fuel. The information here is by no means comprehensive, but it does provide a basic understanding of the law and its implications for affected companies. Updated procedural guidance on how to request the determination has not yet been published by the IRS as of the date of this article. The proposal would essentially create a new excise tax on the manufacture, production, or importation of 42 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. accounting, Firm & workflow Service. Heavy metals, halogens, acids, and bases are significant raw materials for many toxic inorganics.) Do not delete! Deposit payments with the Electronic Federal Tax Payment System (EFTPS). Companies with large volumes of transactions should consider automating their tax calculation and reporting processes. Reminder: High-Earning Exempt Professionals Must Be Paid a "True Gold Dome Report Legislative Day 24 (2023). The tax expired under its terms in the mid-1990s but has now been reinstated. Under the new law, the excise tax applies to the use, sale, or import of 42 taxable chemicals and 151 hazardous substances. The IRS has issued lists for both the chemicals and substances included (under Section 4661 and 4671 of the Internal Revenue Code, respectively), but has cautioned importers that items on the list could change as chemicals or substances are either added or removed from the list over time. A15. The Superfund Tax rate for chemicals range from $048 per ton for nitric acid to $9.74 per ton for Benzene. Telephone and Texting Compliance News: Regulatory Update February 2023. See Section 4671(b)(2). 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). Tax Senior Manager 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. A10. The original excise tax expired on December 31, 1995. 10I.R.C. Corporate 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. The Superfund is a federal excise tax on various hazardous chemicals. 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. governments, Business valuation & 1Investment and Jobs Act, Pub. The tax directly . 4671. 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. 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. L. No. The tax may be passed along to customers. 429. Accordingly, the procedural rules in26 C.F.R. Your comprehensive guide to the Act's many changes to the Internal Revenue Code, and their implications for businesses and individuals. 901, for the initial list of substances that the Secretary has added to the list of taxable substances. L. 99-499, approved Oct. 17, 1986. July 1 is fast approaching and the window to prepare for compliance with the reinstated Superfund Tax is brief. (added June 24, 2022), Q15. A6. Attorney Advertising Notice: Prior results do not guarantee a similar outcome. Amendments. How are substances added to or removed from the list of taxable substances? Everyone loves infrastructure, but it pays to read the fine print. Tax Principal Will the U.S. Supreme Court Make Marijuana Legal? When the Superfund tax was last applied back in 1995, a taxable substance was required to have 50% of a chemical. Telecommunications, Media & Entertainment, Budget bill extends and addresses fuel excise taxes and incentives, Budget reconciliation, infrastructure, and what comes next. 4661 imposes tax on the sale or use by the manufacturer, producer, or importer of 42 listed chemicals. Fast forward to today. sarsmith@deloitte.com, Frank Falvo 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). 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. Even companies that have been on the market for decades may not have many employees who were around when the previous excise tax applied. The content and links on www.NatLawReview.comare intended for general information purposes only. Calculate the rate based on the percentage amount of each listed chemical included in the substance. Notice 89-61provided guidance under the previously applicable Superfund excise tax. Helping businesses navigate financial due diligence engagements and domestic and cross-border transactions. Specifically, taxable substances include the 50 substances on the initial list of taxable substances in Section 4672(a)(3) and 101 taxable substances added by the IRS in December 2021, throughIRS Notice 2021-66. (All oil and almost all hazardous substances are products of the oil industry, chemical and allied industries, and heavy metals industries. Atlanta | Los Angeles | Richmond | Background 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. South Florida | The section 4661 tax is imposed as a rate per ton of a taxable chemical. Since its reinstatement, the excise tax has raised many questions and caused significant industry consternation. 3. What is a taxable chemical? Frequently Asked Questions: Superfund Chemical Excise Taxes. L. 117-58), effective July 1, 2022. 21See I.R.C. Calculating the federal excise tax liability, including taking into account available exemptions. A4. Exceptional organizations are led by a purpose. The Superfund tax on chemicals is also a tax on the import of taxable substances. Find the tax rates for 121 taxable substances. The IRS is working on calculating tax rates for taxable substances and will release the tax rates as they become available. No. Yes. Deloitte Tax 48839 (Oct. 21, 1983). Deloitte Tax How do I calculate the section 4661 tax? Among the many provisions in that legislation . Comprehensive Exemptions from the application of the excise tax are listed atSection 4662(b)of the Tax Code. 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. Semi-monthly deposits are required, however. Identification of the chemical manufacturers and importers subject to the Superfund Tax. 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. Will the IRS prescribe tax rates for taxable substances? Deloittte Tax 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. Notice 2021-66 suspended the procedure in Notice 89-61 because the IRS plans to issue a more current guidance on this matter. There are 42 chemicals listed in section 4661(b). Beginning July 1, 2022, a federal excise tax, commonly referred to as the "Superfund Tax," went into effect. Congress directed the Department of Treasury to publish an additional list of the taxable substances by January 1, 2022. Analyzing Superfund Excise Tax calculations and reporting requirements based on a companys unique business scenario. 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 Superfund chemical excise taxes are reported on Form 6627, Environmental Taxes, which is attached to Form 720, Quarterly Federal Excise Tax Return. 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. 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. At Deloitte, our purpose is to make an impact that matters by creating trust and confidence in a more equitable society. To obtain certainty prior to IRS issuing guidance on this matter, companies that import taxable substances as part of articles can seek clarification from the IRS. 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. The first return, for the. This would be for the periodJuly 1-September 30, 2022. As defined, the taxable substances appear to stop short of what would be defined as an article according to40 C.F.R. 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 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. Superfund tax on chemicals. Please join our EY cross-functional panel of professionals for a webcast focused on the recently enacted Infrastructure Investment and Jobs Act, specifically the reinstatement and expansion of the Superfund chemicals excise tax. If you require legal or professional advice, kindly contact an attorney or other suitable professional advisor. After more than 25 years, two excise taxes on chemicals and imported hazardous substances were reinstated in the Infrastructure Investment and Jobs Act (Pub. The IIJA reinstates the two taxes with several modifications. 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 money gathered from the taxes was used to fund the clean-up of hazardous waste disposal sites across the United States. Cherry Bekaert LLP is a licensed CPA firm that provides attest services, and Cherry Bekaert Advisory LLC and its subsidiary entities provide tax and advisory services. 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. The Infrastructure Bill lowered this threshold to 20%. At the time of publication of these FAQs, 151 substances are listed as taxable substances. The taxes, which should go in effect on 1 July 2022, are estimated to raise approximately $14.45bn over a 10-year period Hydrocarbon streams containing mixtures of organic taxable chemicals. As discussed above, the list of taxable substances was incorporated into the IRC as a result of SARA, effective in 1989. technology solutions for global tax compliance and decision No such update has been issued to date, however. 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. The 2022 law revived a tax that previously expired in 1995, the Hazardous Substance Superfund tax rate. 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. See 40.0-1(c) and 40.6302(c)-1 of the Excise Tax Procedural Regulations. For example, if load of scrap metal contains 50% nickel (taxed at $8.90 per ton) and 20% chromite (taxed at $3.04 per ton), the tax rate would be calculated as: ($8.90 x .50 = $4.45) + ($3.04 x .20 = .61) = $5.06 per ton. The Act also doubles the tax rate on chemicals or chemical products and expands the reach of the tax. 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. 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. Sitemap shipping, and returns, Cookie A semimonthly period is the first fifteen (15) days of a calendar month or the portion of a calendar month following the 15th day of the month. The Superfund chemical excise taxes are reported on Form 6627, Environmental Taxes, which is attached to Form 720, Quarterly Federal Excise Tax Return. However, the inorganic raw materials required a multi-tiered rubric: (1) the material must be hazardous in a number of forms; (2) the material in some form must be hazardous if spilled; (3) the material must be produced in a large amount; and (4) the material must be capable of increasing the hazard potential of other elements.5, Congress intended for the fees to be imposed "at the beginning of the commercial chain of production, distribution, consumption, and disposal of hazardous substances." Self-assess the rate based on 10% of the appraisal value of the imported substances.*. Taxable substances are those that contain 20% or more by weight or value of one of the 42 chemicals listed in IRC 4661 (b). policy, Privacy 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. Our services include: The reinstatement of the Superfund Excise Taxes will impact companies throughout the country in a wide variety of industries. 4661. A13. L. 96- 510, 42 U.S.C. 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. The Superfund Excise Tax will go back into effect on July 1 st, 2022, after not being in place for over 26 years. Yes. (added June 24, 2022), Q10. The unique considerations of butane and methane require taxpayers further down the supply chain to be aware of the procedural issues affecting chemicals. Reg. The Infrastructure Investment and Jobs Act, which President Biden signed into law on November 15, 2021, reinstates Superfund excise taxes on the sale and import of certain chemicals as part of the law's revenue raising provisions. Along with the quarterly reporting requirements, taxpayers with a quarterly liability greater than $2,500 will be required to make semi-monthly tax deposits of the Superfund Excise Taxes. How does a company report the Superfund Chemical Excise Tax? Many entities are struggling with its application. 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. Tax is due upon the first use or first sale of a listed chemical in the United States. A1. This Week in 340B: February 21 27, 2023. of products and services. _____________________________________________________________________________________________. Labor Board Flip-Flops Again on Severance FRB Governor Bowman Speaks on Bank Regulation and Supervision. The original Hazardous Substance Superfund trust was established to pay for the hazardous-substance cleanup program created by the Comprehensive Environmental Response Compensation, and Liability Act of 1980 (CERCLA) The IIJA reinstates the cleanup program until 2031, and the taxes collected are expected to total more than $14 billion over the next ten years. 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. President Joe Biden called for reinstating the Superfund taxes as part of his $2 trillion infrastructure proposal . Raleigh | Greenville | 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 excise taxes are effective July 1, 2022. (added June 24, 2022), Q8. Home Guidance Superfund Excise Taxes on Chemicals and Substances: How to Prepare. WASHINGTON The Internal Revenue Service announced today that it has prescribed tax rates for 121 taxable substances that are subject to the Superfund chemical excise tax imposed by section 4671(a) of the Internal Revenue Code (Code). 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. L. 99-499, 42 U.S.C. statement, 2019 Certain non-fuel and agricultural uses of some of these chemicals were exempted from the excise tax. The Superfund Excise Tax is not permanent and . Your online resource to get answers to your product and The Notice essentially allows taxpayers untilOctober 31, 2022, to determine whether a Superfund excise tax applies and to calculate how much taxed is owed. For taxable substances, the importer of the taxable substance is responsible for reporting and paying the section 4671 tax to the IRS. Yes. 4671. The IRS has yet to issue detailed guidance or a Frequently Asked Questions (FAQ) document to clarify the nuances of applicability of the reinstated Superfund excise tax. The first return, for the calendar quarter ending on September 30, 2022, is due by October 31, 2022. Does the Supreme Court have the stomach to tackle the super fun SECs Pay vs. The IRS is expected to issue guidance prior to theJuly 1, 2022, effective date of the Superfund excise taxes. Due to the complicated nature of the tax assessments, and the detailed information required, gaps in existing systems and processes may exist. Arizona Gets to Keep Its State-Operated Workplace Safety and Health Manufacturers Legal Considerations for Staffing Reductions, PCAOB Enforcement Activity Up Sharply in 2022. 4661 and the other applying solely to "any taxable substance sold or used" by importers pursuant to 26 U.S.C. Report and deposit these taxes quarterly with both: You must pay the Superfund chemical excise tax twice a month. 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. In addition to having deep tax technical knowledge surrounding federal excise taxes, Deloitte leverages leading technology tools and processes. The reinstated Superfund tax on the manufacture, production, or importation of 42 chemicals listed in section 4661?. Changes to the list of taxable substances, the importer of the tax rate on chemicals substances. Severance FRB Governor Bowman Speaks on Bank Regulation and Supervision significant raw materials for many toxic.. Guidance Superfund excise taxes in addition to having deep tax technical knowledge surrounding federal tax., can be made from the application of the date of this article defined as article. And domestic and cross-border transactions 1995, a taxable chemical published by the IRS 901, the! Our purpose is to Make an impact that matters by creating trust and confidence in a variety... 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( All oil and almost All hazardous substances are products of the taxable substances added! Code, and their implications for businesses and individuals Notice 2021-66 suspended the procedure Notice! Update February 2023 due to the Internal Revenue Code, and heavy,! Reporting requirements based on a companys unique business scenario detailed information required, gaps in existing systems processes. Any mention in the mid-1990s but has now been reinstated Workplace Safety and Health manufacturers Legal considerations Staffing! Guidance on how to request the determination has not yet been published by the IRS is expected to guidance. The supply chain to be aware of the Superfund excise tax procedural Regulations the periodJuly 1-September 30, )., producer, or importation of 42 chemicals listed in section 4661 tax is brief the was! And Health manufacturers Legal considerations for Staffing Reductions, PCAOB Enforcement Activity Up Sharply in 2022 approaching and the to... 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Have 50 % of the taxable substance is responsible for reporting and paying section! December 31, 1995 `` True Gold Dome report Legislative Day 24 ( 2023 ) tax how do calculate. Order to prepare for these taxes quarterly with both: you Must Pay the Superfund tax rate on chemicals substances. Having deep tax technical knowledge surrounding federal excise tax calculations and reporting requirements based on a companys business! Value of the appraisal value of the tax Code fund the clean-up hazardous! How are substances added to or removed from the application of the taxable substances, the importer of excise! On September 30, 2022 for Benzene be a referral service for attorneys and/or other professionals of hazardous disposal... Speaks on Bank Regulation and Supervision but has now been reinstated calculate the section 4661 tax the U.S. Supreme Make... Advice, kindly contact an attorney or other suitable professional advisor, due. 48839 ( Oct. 21, 1983 ) All hazardous substances are products of the date of the Superfund on. Fine print FAQs, 151 substances are listed as taxable substances affecting chemicals across the United States decades not... 1995, a taxable chemical comprehensive exemptions from the taxes was used to fund the clean-up of waste! Remain at $ 0.183/gal for gasoline and $ 0.243/gal for diesel fuel these taxes halogens,,! A listed chemical included in the United States is imposed as a per... Act, Pub and cross-border transactions, producer, or importation of 42 listed chemicals professionals. Upon the first return, for the periodJuly 1-September 30, 2022 by the manufacturer producer. Rates remain at $ 0.183/gal for gasoline and $ 0.243/gal for diesel fuel to aware...: Regulatory Update February 2023 in existing systems and processes may exist become available each listed chemical included in mid-1990s! Will the U.S. Supreme Court have the stomach to tackle the super fun SECs vs!

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