Yes. There are three ways to arrive at a tax determination for the Superfund Tax: 2. Assisting with filing refund claims and reporting requirements around exemption certificates. This could create a potential liability for downstream users such that the rst company that uses the methane or butane in a manner other than as a fuel will have to report and remit the Superfund Tax. (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. 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 Notice essentially allows taxpayers untilOctober 31, 2022, to determine whether a Superfund excise tax applies and to calculate how much taxed is owed. Since its reinstatement, the excise tax has raised many questions and caused significant industry consternation. See also I.R.C. Identification of the chemical manufacturers and importers subject to the Superfund Tax. Under Section 4661, an excise tax is imposed on the sale by manufacturers, producers, and importers of 42 taxable chemicals (see table below for a list of those chemicals). Statement in compliance with Texas Rules of Professional Conduct. November 24, 2021. For taxable substances, the importer of the taxable substance is responsible for reporting and paying the section 4671 tax to the IRS. 429, Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA), How Modern Manufacturing Plants Can Protect Against Ransomware, Cyberattacks, FTC Will Host May 23, 2023, Workshop on Recyclable Claims and the Green Guides. Effective July 1, 2022, as required by the Infrastructure Investment and Jobs Act (IIJA)passed last November, the Internal Revenue Service (IRS) has reinstated the Superfund Chemical Excise Tax on a wide range of chemicals and substances. Telephone and Texting Compliance News: Regulatory Update February 2023. When expanded it provides a list of search options that will switch the search inputs to match the current selection. 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. It is critical to Update company information systems to collect the transaction and master data needed to comply with the Superfund Tax. Taxable substances are those substances listed in either section 4672(a)(3) of the Code or Notice 2021-66. Excise taxes are reported on a quarterly basis on IRS Form 720, Quarterly Federal Excise Tax. The IIJA also reinstated the Superfund excise tax on the import for sale or use of any taxable substance underSection 4671of the Tax Code. They're expected to generate $14.4 billion of revenue in total, or about $1.2 billion annually, the report said. accounting, Firm & workflow A4. The tax law is included in the Infrastructure Investment and Jobs Act that was signed into law on November 15, 2021. Confidentiality and Non-Disparagement Agreements with Non-Supervisory USCIS Confirms It Will Accept Employment-Based I-485 Applications New Jersey Enacts Bill of Rights for Temporary Workers, DOJ Implements Nationwide Voluntary Self-Disclosure Program. Notice 2021-66 suspended the procedure in Notice 89-61 because the IRS plans to issue a more current guidance on this matter. 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. Substances may be added or removed from the list of taxable substances at a later date. 4671. US Executive Branch Update February 27, 2023. Excise Tax on Select Chemicals. After more than 25 years, two excise taxes on chemicals and imported hazardous substances were reinstated in the Infrastructure Investment and Jobs Act (Pub. How do you calculate the Superfund Excise Tax? Systems and processes will also need to be established in order to properly calculate and remit taxes that are due, as well as apply for refunds or exemptions. When are the new Superfund Chemical Excise taxes due? The Carter administration established the Superfund in 1980 to offset the high price tags associated with remediating uncontrolled or abandoned hazardous waste sites. The first quarterly reporting for the Superfund Tax on Form 720 is due Oct. 31, 2022. An official website of the United States Government. The choice of a lawyer or other professional is an important decision and should not be based solely upon advertisements. 429. 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. Taxpayers with a quarterly liability greater than $2,500 will be required to make semi-monthly tax deposits of the tax. Assisting with risk analyses and internal processes (design or documentation). governments, Explore our Customer Reviews: Five-Star Enforcement and the Expanding Regulations. A taxable chemical is a chemical that is (i) listed in section 4661(b), and (ii) manufactured or produced in the United States or entered into the United States for consumption, use, or warehousing. Who is responsible for reporting and paying Superfund chemical excise taxes? An official website of the United States Government. 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. Try our solution finder tool for a tailored set 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. Please see www.deloitte.com/about to learn more about our global network of member firms. Specifically, sections 4661(a) and 4662(c)(1) impose an excise tax on the sale or use of a taxable chemical by the manufacturer, producer, or importer of the taxable chemical. . In Notice 2021-66 the IRS published a list of 100 additional substances subject to the Superfund Tax. Helping businesses navigate financial due diligence engagements and domestic and cross-border transactions. In these cases, the other person would be liable for paying the excise tax, not the initial importer. policy, Privacy All Rights Reserved. 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. Additionally, the Infrastructure Investment and Jobs Act ("IIJA") double the tax rate on chemicals or . More information on the procedures for petitioning the Secretary to add or remove substances from the list of taxable substances will be released in advance of July 1, 2022. The term " Superfund " refers to chemical excise taxes imposed by the IRS on certain domestically produced and imported chemicals, and imported substances. 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. To accomplish this, the current system capability should be assessed. In fact, companies that export products comprised of taxable chemicals or substances are entitled to a refund if they paid prior to manufacturing. More information about reliance is available. Consequently, taxpayers who export taxable chemicals or taxable substances may be eligible for a refund of the tax paid, dependent on agreements with customers as well as their own internal structures. GT's The Performance Review Episode 19: Is the Fight Over AB 51 5 Reasons Community Associations Need an Attorney That Specializes in New York Proposes Regulatory Review and Approval of Material Health CMS Issues Long-Awaiting Medicare Advantage RADV Final Rule, Preventing the Use of Cryptocurrencies to Evade Sanctions. Companies with a large volume of transactions should consider automating their tax calculation and reporting processes to increase efficiency and accuracy. This would make the first tax deposit covering thefirst half of July 2022due byJuly 29, 2022. The first return, for the calendar quarter ending on September 30, 2022, is due by October 31, 2022. For exporters, IRC 4662(e) provides for a refund of the Superfund Tax for both taxable chemicals and taxable substances that are exported. Section 80201 of the IIJA reinstates the Superfund excise tax on certain chemical substances under Sections4661and4671of the Internal Revenue Code (Tax Code), effectiveJuly 1, 2022. At the time of publication of these FAQs, 151 substances are listed as taxable substances. 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. Notice 2021-66 does not specify the tax rate for each taxable substance. ADVANCED! Superfund Chemical Excise Taxes are reported on Form 6627 (Environmental Taxes), which attaches to Form 720 (Quarterly Federal Excise Tax Return). 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 Treasury Department and the IRS reportedly intend to update Notice 89-61 to reflect the changes made to Section 4672(a)(2) by the IIJA and to make other changes that may be necessary. See how we connect, collaborate, and drive impact across various locations. The new infrastructure bill revives the Superfund and will impose 42 new excise taxes on chemicals. Attorney Advertising Notice: Prior results do not guarantee a similar outcome. Chemical manufacturers and importers
(added June 24, 2022), Q4. 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. The unique considerations of butane and methane require taxpayers further down the supply chain to be aware of the procedural issues affecting chemicals. Infrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. It states that it was Congress intent that taxable substances only include chemicals that are intended for further chemical conversion. When is the first return due? The Superfund excise taxes are set to expire at the end of 2031. Abusive Arbitrage Devices Its Time to Get Reacquainted (Episode 2 B&C Biobased and Sustainable Chemicals Practice Group Bergeson & Campbell, P.C. Deposit payments with the Electronic Federal Tax Payment System (EFTPS). 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). 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. 7Superfund Amendments and Reauthorization Act of 1986, Pub. Creditor Stung By Academy Of Motion Picture Arts And Sciences Bylaws. Breaking the Link New Developments on U.S. We provide an overview of the origins of the Superfund Excise Tax and take a closer look at the revitalized tax (effective July 1, 2022), as included within the Infrastructure Investment and Jobs Act (the The Infrastructure Bill), signed into law on November 15, 2021.1 Through this lens, we highlight issues to consider in evaluating the Superfund tax on chemicals and chemical substances. This effectively doubled the tax rate of the imported taxable substances as well, and the Infrastructure Bill further increased the alternative method of calculation of the taxable substances to 10% the value of import. Austin | The Superfund Tax is effective as of July 1, 2022 and will remain in effect until the end of 2031. 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 Activity letter G is reinstated for persons making inventory exchanges of taxable chemicals under section 4662(c)(2), or persons selling or buying intermediate . The law imposes a tax on any taxable chemical sold by the manufacturer, producer, or importer. 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. 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. Various exemptions exist for taxable chemicals. 11Infrastructure Investment and Jobs Act, Pub. Strategies for Protecting Standard Essential Department Of Justice Introduces Voluntary Self-Disclosure Policy For Minnesota Supreme Court Clarifies State Law Standards for Severe or Gold Dome Report Legislative Day 25 (2023). 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. The Superfund Excise Tax will go back into effect on July 1 st, 2022, after not being in place for over 26 years. The first quarterly Superfund Tax reporting on Form 720 is due October 31, 2022. 4672(b)(1). On Aug. 16, 2022, the Inflation Reduction Act (IRA) reinstated a third excise tax, the Hazardous Substance Superfund Financing Tax Rate on Crude Oil and Petroleum Products. The Infrastructure Investment and Jobs Act (the IIJA), signed into law on November 15, 2021, reinstated two environmental excise taxes that had been terminated over twenty-five years ago. Nota Bene Episode 160: European Update: Oliver Heinisch and Scott Federal Communications Commission to Consider Rules and Proposals to Whats the Standard? The term "ton" is. The inaugural reporting for companies required to report Superfund excise taxes is on their third-quarter 2022 Form 720, due to be submitted byOctober 21, 2022. 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. Key considerations for dealings with the reinstated Superfund Tax include: For producers, importers, exporters, and customers of businesses making and distributing identified chemicals and substances, action is needed quickly. 17Prop. The new Superfund requires companies to identify which of 42 chemicals they're using, volume of each in production processes and outputs. 11001 (2021). Some deposit amount is still required by July 29 to satisfy the relief provisions set out in Notice 2022-15. The proposal would essentially create a new excise tax on the manufacture, production, or importation of 42 chemicals. These taxes were in place until 1995 to fund the Federal Hazardous Substance Superfund, but expired in 1995. 4662(e). Tax Senior Manager
As this question is likely to arise in the near future when the Superfund excise tax applies, the IRS can be expected to address this aspect. The "Superfund Tax" is comprised of two separate taxesone covering the sale or use of taxable chemicals "by the manufacturer, producer, or importer thereof" pursuant to 26 U.S.C. brands, Corporate income However, the first deposit of Superfund Tax is due as early as July 29, 2022. Rep. No. Audit & A Review of the Developing Legal Landscape Surrounding the "Student-Athlete" Debate. On November 15, 2021, President Biden signed into law theInfrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. The rates are listed in IRS release IR-2022-133 (June 24, 2022). Self-assess the rate based on 10% of the appraisal value of the imported substances.*. [email protected], Christina Gong
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. The tax expired under its terms in the mid-1990s but has now been reinstated. Proposed Nursing Home Disclosure Requirements Target Private Equity Regulation in the Post-FTX Environment: SECs Proposed Enhanced Can a Child Decide Whom They Want to Live With in Michigan? The Superfund Tax rate for chemicals range from $048 per ton for nitric acid to $9.74 per ton for Benzene. US Executive Branch Update February 28, 2023. The latest reiteration of the excise tax will be comprised of two separate taxes on (1) chemical sales and (2) chemical importers. Do not delete! The first return, for the. DeloitteTax
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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. environment open to Thomson Reuters customers only. As part of the recently unveiled infrastructure deal, the Biden administration announced plans to reinstate the Superfund taxes on chemical manufacturers in the United States. Section 80201 of the bill would revive long-expired Superfund excise taxes at twice their previous level. How do I calculate the section 4671 tax? Companies opting for the latter run the risk, however, of incurring penalties, should the IRS adopt a different view. 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. When enacted, the Superfund was financed by environmental excise taxes on certain commonly used chemicals often found at Superfund sites. Analyzing transactional and master data gaps given existing company system capability and data quality. accounting firms, For Thomson Reuters/Tax & Accounting. See section 4672(a)(1). Cherry Bekaert LLP and Cherry Bekaert Advisory LLC practice in an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations and professional standards. Section 4671 imposes tax on the sales or use of imported "taxable substances" made from those taxable chemicals. Chicago | The Superfund Excise Tax becomes effective on July 1, 2022. The Superfund Excise Taxes will be reported on a quarterly basis on IRS Form 720, Quarterly Federal Excise Tax. Are there any available exemptions for the Superfund Chemical Excise Taxes? . 4671(b)(2). Exceptional organizations are led by a purpose. Words With Friends, Part 1: Insurance Requirements and Contracts, Legislator Proposes To Expand CFL To Encompass "Commercial CERCLA PFAS Scope May Broaden To Many More PFAS, AI Avatar App is the Latest Target of BIPA Class Action Litigation. research, news, insight, productivity tools, and more. Reg. Because these FAQs have not been published in the Internal Revenue Bulletin, they will not be relied on or used by the IRS to resolve a case. This assessment should include a review of the transaction life cycle, master data setup, cost computation and recognition, and general entry posting. Reporting requirements around exemption certificates for reporting and paying the excise tax on the or! Collaborate, and more taxable chemical sold by the manufacturer, producer, or importer the! Unique considerations of butane and methane require taxpayers further down the supply chain to be aware of taxable! Imposes a tax on Form 720, quarterly Federal excise tax, not initial. 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