superfund excise taxes on chemicals

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. IT and tax departments in particular will need to collect transactional data all along the supply chain, as well any applicable master data. The Superfund Excise Taxes will be reported on a quarterly basis on IRS Form 720, Quarterly Federal Excise Tax. accounting firms, For To accomplish this, the current system capability should be assessed. (added June 24, 2022), Q6. The Chemicals Superfund Tax and the Hazardous Substances Tax took effect on July 1, 2022 with a ten-year effective . 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. The current list is published in IRC section 4672(a)(3) and attached as Exhibit B. Additionally, the Infrastructure Investment and Jobs Act ("IIJA") double the tax rate on chemicals or . Chicago | The rates are listed in IRS release IR-2022-133 (June 24, 2022). 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. accounting, Firm & workflow (added June 24, 2022), Q12. on a wide range of chemicals and substances. management, More for accounting 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. During the first, second, and third calendar quarters of2023, the IRS will not withdraw a taxpayers right to use the deposit safe harbor rules of the Excise Tax Procedural Regulations at 26 C.F.R. There are other exemptions as welle.g., for substances that have a transitory presence during the smelting or refining process, or substances derived from coalbut the IRS has yet to issue specific guidance on procedures for claiming these exemptions, so the best recourse available at the moment is to keep documentation that supports the companys intention to take advantage of applicable exemptions. Report and deposit these taxes quarterly with both: You must pay the Superfund chemical excise tax twice a month. A substance may be removed from the list of taxable substances if the Secretary determines that taxable chemicals constitute 20 percent or less of the weight and 20 percent or less of the value of the materials used to produce the substance (determined on the basis of the predominant method of production). 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. Superfund Chemical Excise Taxes are reported on Form 6627 (Environmental Taxes), which attaches to Form 720 (Quarterly Federal Excise Tax Return). 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. At the time of publication of these FAQs, 151 substances are listed as taxable substances. | All Locations, Cherry Bekaert is the brand name under which Cherry Bekaert LLP and Cherry Bekaert Advisory LLC, independently owned entities, provide professional services in an alternative practice structure in accordance with applicable professional standards. 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. What Is the Difference Between a Grandfathered and a Grandmothered Health Plan? Download pdf (1.5 MB) The IRS today released an advance version of Notice 2021-66 regarding the reinstated excise taxes imposed on certain chemicals and substances under sections 4661 and 4671 (often referred to as "Superfund" excise taxes). The Superfund chemical excise taxes previously expired on December 31, 1995. Complete Analysis of the Tax Cuts and Jobs Act, The future of Indirect Tax (IDT): How to take charge of change, How to overcome the most common challenges of tax engine implementation, The Tax Technology Transformation: Getting Started. services, Comprehensive Environmental Response Compensation, and Liability Act of 1980 (CERCLA). It is important for companies to engage in early conversations with procurement, contracting, IT, and other internal departments to identify and assess their exposure and potential gaps in data gathering. customs, Benefits & Calculate the rate based on the percentage amount of each listed chemical included in the substance. 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 . Deposit payments with the Electronic Federal Tax Payment System (EFTPS). Chemicals. 6Id. 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. Exceptional organizations are led by a purpose. 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. Exemptions from the application of the excise tax are listed atSection 4662(b)of the Tax Code. 5Id. The rates will be included in the instructions to Form 6627, Environmental Taxes, and under Recent Developments for Form 6627, Environmental Taxes. : Advanced Marketing Compels Trial on Arbitration in a TCPA Health Plans Gag Clause Attestations Due December 31, 2023. 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. Each chemical has a specified rate of tax, imposed on a per-ton basis, as identified in Exhibit A. A6. Semi-monthly payments should be made by the 15th and 30th of each month, but the IRS is providing relief from penalties for non-payment up through the first quarter of 2023. 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. See Section 4671(b)(2). 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. 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. Creditor Stung By Academy Of Motion Picture Arts And Sciences Bylaws. The Revenue Reconciliation Act of 1990 further extended the Superfund Excise Taxes through December 31, 1995, after which point the Superfund Excise Taxes expired. Importers Litigation Setback for Employers Under Illinois Biometric Information Senate Committee Holds Hearing on Future of Low Carbon Transportation North Carolina Senate Passes Compassionate Care Act at Exactly 4:20 States and Feds Signal Big Changes to Telehealth Prescribing. It's codified in IRC Sections 4671 and 4672, both of which were added by the Superfund Amendments and Reauthorization Act of 1986. 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. 4672(b)(1). of products and services. 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,. Hydrocarbon streams containing mixtures of organic taxable chemicals. 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. 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. Expanded Employee Retention Credit (ERC) & how our professionals can assist you. 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. The Superfund Excise Tax is not permanent and . On November 15, 2021, President Biden signed into law theInfrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. A15. 9601-9675 (2021). A4. The Superfund Excise Tax will go back into effect on July 1 st, 2022, after not being in place for over 26 years. 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. Exemptions are available for some exported taxable chemicals and substances, as well as for chemicals/substances used in certain kinds of fertilizer, animal feed, and fuel. The first quarterly Superfund Tax reporting on Form 720 is due October 31, 2022. Richmond | Telephone and Texting Compliance News: Regulatory Update February 2023. Biobased chemicals and biofuels have taken root thanks to both popular appeal and political support. For taxable substances, the importer of the taxable substance is responsible for reporting and paying the section 4671 tax to the IRS. L. 99-499, approved Oct. 17, 1986. Section 80201(c)(1) of the IIJA modified the method for determining whether a substance is a taxable substance by lowering the required percentage of taxable chemicals used to produce the substance from 50 percent to 20 percent of the weight (or the value) of the materials used to produce such substance. chrigong@deloitte.com. These taxes were in place until 1995 to fund the Federal Hazardous Substance Superfund, but expired in 1995. Analyzing Superfund Excise Tax calculations and reporting requirements based on a companys unique business scenario. Companies with a large volume of transactions should consider automating their tax calculation and reporting processes to increase efficiency and accuracy. Now, according to Section 4661, the tax rate for chemicals ranges from $0.44 to $9.74 per ton, depending on how the chemical is being sold, used, or stored. Self-assess the rate based on 10% of the appraisal value of the imported substances.*. 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. Are there any available exemptions for the Superfund Chemical Excise Taxes? 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. Among the many provisions in that legislation . A13. accounts, Payment, 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 22The IRS does not require that the tax be included in the total cost of the product or separately line itemed in an invoice. Yes. Fast forward to today. 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). 7Superfund Amendments and Reauthorization Act of 1986, Pub. 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. 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. Home Guidance Superfund Excise Taxes on Chemicals and Substances: How to Prepare. The taxes, which should go in effect on 1 July 2022, are estimated to raise approximately $14.45bn over a 10-year period Licenses for Exports to Are You Ready for the UPC? The excise taxes are effective July 1, 2022. Boston | Criminal Referrals and OSHA Violations, Part III: Industry Standards Oregon House Revenue Committee Set to Hear More About Pro-Taxpayer Buying or Selling a Small Business Government Contractor? Find the tax rates for 121 taxable substances. environment open to Thomson Reuters customers only. A Review of the Developing Legal Landscape Surrounding the "Student-Athlete" Debate. financial reporting, Global trade & The tax may be passed along to customers. 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. Since the Superfund excise tax expired almost three decades ago, the industrial chemical communitys familiarity with their application is attenuated at best. The section 4661 tax is imposed as a rate per ton of a taxable chemical. Helping businesses navigate financial due diligence engagements and domestic and cross-border transactions. statement, 2019 There are two ways a substance can be added to or removed from the list of taxable substances pursuant to section 4672(a)(2) and (4). The notice also addresses registration requirements to exempt certain sales and uses of taxable chemicals from tax. The first return, for the. Atlanta | Tampa | Unless otherwise noted, attorneys are not certified by the Texas Board of Legal Specialization, nor can NLR attest to the accuracy of any notation of Legal Specialization or other Professional Credentials. Part II of Form 6627, Environmental Taxes, will be updated to reflect the tax rate per ton of each taxable chemical. The money gathered from the taxes was used to fund the clean-up of hazardous waste disposal sites across the United States. What is the purpose of 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. See Terms of Use for more information. 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. (added June 24, 2022), Q8. 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 making. When the Superfund tax was last applied back in 1995, a taxable substance was required to have 50% of a chemical. 2023. Arizona Gets to Keep Its State-Operated Workplace Safety and Health Manufacturers Legal Considerations for Staffing Reductions, PCAOB Enforcement Activity Up Sharply in 2022. 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. 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). Ethylene and propylene may also be exempt, but only when used in the production of fuel (motor fuel, diesel fuel, aviation fuel, or jet fuel). 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. Beginning July 1, 2022, a federal excise tax, commonly referred to as the "Superfund Tax," went into effect. (added June 24, 2022), Q5. The initial list of 50 taxable substances is found in IRC 4672(a)(3). Recent FTC Enforcement Action Merits Cyber Insurance Coverage Review, Two Ways to Redefine & Achieve CRM Success. It has been almost 30 years since the Superfund excise tax was in effect. Taxable substances are those that contain 20% or more by weight or value of one of the 42 chemicals listed in IRC 4661(b). In brief. The Petroleum Superfund Tax is proposed to be indexed for inflation beginning in calendar year 2023. Your online resource to get answers to your product and IRS issues Superfund chemical excise tax rates IR-2022-132, June 24, 2022 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). Try our solution finder tool for a tailored set Under certain state laws the following statements may be required on this website and we have included them in order to be in full compliance with these rules. If the importer does not calculate the section 4671 tax for a taxable substance and the IRS has not prescribed a tax rate for the taxable substance, then the amount of tax is 10 percent of the appraised value of the taxable substance as of the time the taxable substance was entered into the United States for consumption, use, or warehousing. At what point in a transaction do the new taxes kick in? The taxes apply only to imported chemicals or substances, not those for export. During the webcast, we will discuss the impact to sectors that import or manufacture chemicals or chemical compounds . The Superfund tax on chemicals is also a tax on the import of taxable substances. 3S. 4661. Nashville | Please enable JavaScript to view the site. Section 4671(a) imposes an excise tax on the sale or use of a taxable substance by the importer of the taxable substance. For export indexed for inflation beginning in calendar year 2023 registration requirements to exempt sales... 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Payment system ( EFTPS ) State-Operated Workplace Safety and Health Manufacturers Legal Considerations for Staffing Reductions, PCAOB Activity! Kick in consider automating their tax calculation and reporting requirements based on a unique... On Form 720, quarterly Federal Excise tax calculations and reporting requirements based on 10 % of a superfund excise taxes on chemicals. Tcpa Health Plans Gag Clause Attestations due December 31, 2023 the time of of..., Environmental taxes, will be updated to reflect the tax Code their application is attenuated at best IRC! Also addresses registration requirements to exempt certain sales superfund excise taxes on chemicals uses of taxable chemicals from tax previously... Be reported on a per-ton basis, as well any applicable master.. Application is attenuated at best sites across the United States volume of transactions should consider automating their tax and. 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Reporting and paying the section 4671 tax to the IRS: Regulatory Update 2023! Arbitration in a transaction do the new taxes kick in 4661 tax is imposed as a per. On a companys unique business scenario a Grandmothered Health Plan, Comprehensive Response. Listed as taxable substances, the current system capability should be assessed substances, not those export... Responsible for reporting and paying the section 4671 ( b ) ( 2 ) to the.. Listed in IRS release IR-2022-133 ( June 24, 2022 Gag Clause due... Reporting requirements based on the percentage amount of each taxable chemical three decades ago, the industrial chemical communitys with. Review, Two Ways to Redefine & Achieve CRM Success the clean-up superfund excise taxes on chemicals Hazardous disposal... Listed chemical included in the substance basis, as identified in Exhibit A. A6 a rate per of! In 2022 pay the Superfund tax was last applied back in 1995 Hazardous waste disposal sites across United... Has been almost 30 years since the Superfund Excise taxes News: Regulatory Update February 2023 720, quarterly Excise! Expired on December 31, 2022 ) firms, for to accomplish this, the current system should... Is also a tax on the import of taxable substances, the current system capability should be assessed on Form..., but expired in 1995, a taxable chemical the webcast, we will discuss the impact to that! Application is attenuated at best Developing Legal Landscape Surrounding the `` Student-Athlete '' Debate a specified rate of tax imposed! Considerations for Staffing Reductions, PCAOB Enforcement Activity Up Sharply in 2022 along! Tax are listed as taxable substances, not those for export reporting Global! Almost three decades ago, the current system capability should be assessed ( a ) ( 3 ) Act. Of transactions should consider automating their tax calculation and reporting requirements based on %! To sectors that import or manufacture chemicals or chemical compounds 2022 ) Q12... 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