The taxes apply to any taxable chemical under Internal Revenue Code (IRC) 4661 and any taxable substance under IRC 4671. The Infrastructure Investment and Jobs Act signed into law November 15, 2021, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. A5. Managing Licenses, Careers The Infrastructure Investment and Jobs Act (Pub.L. Exporters that export either a taxable chemical or taxable substance generate Superfund credits. We recommend taking the following steps now to determine how this excise tax applies to your company and to help ensure compliance: In addition, it is important to identify your available resources for determining taxability, exemptions, making tax deposits, filing applicable IRS registrations (Form 637, Application for Registration For Certain Excise Tax Activities) and filing quarterly tax returns (Form 720, Quarterly Federal Excise Tax Return, and attachment Form 6627, Environmental Taxes). The IRS is working on calculating tax rates for taxable substances and will release them as they become available. Charlotte | 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. 11758), which was signed into law on November 15, 2021, reinstated theChemicals Superfund Tax and the Hazardous Substances Tax at twice the prior rates through 2031. As noted above, importers are not required to use the IRS-prescribed tax rates for the section 4671 tax and may calculate their own rates. Elizabeth supports clients with sales and use tax nexus studies, tax registration, voluntary disclosure agreements, audit representation, item taxability, overpayment recovery, and exposure audits. Nearly three decades after expiring, the Superfund chemical excise tax is back. 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 consumer and political goals of reducing Americas dependence on foreign oil, enhancing national security, and greening the economy converge in biobased chemicals and advanced biofuels, the promising technology of producing commercial chemicals and fuels from renewable resources. On November 15, 2021, President Biden signed into law theInfrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. The excise tax collection expired in 1995 but resumed on July 1, 2022. Does Your Cyber Insurance Policy Cover a Ransomware Attack? Excise taxes are reported on a quarterly basis on IRS Form 720, Quarterly Federal Excise Tax. How are substances added to or removed from the list of taxable substances? You Meta Believe the GDPR Penalties Are No Joke! For consideration: Notice 2022-15 provides notable relief for taxpayers during these initial quarters. | Careers A2. 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. Notice 2021-66 does not specify the tax rate for each taxable substance. The infrastructure bill imposes taxes on certain chemicals and imported substances under Internal Revenue Code sections 4661 through 4672. Many entities are struggling with its application. The Superfund tax is assessed on the manufacturer or importer of these chemicals. Petitions to Add Polyoxymethylene and Polyphenylene Sulfide. However, given the related compliance processes that need to be established (e.g., automating data capture, gathering exemption documentation, and return preparation and filing) and matters that need to be addressed (e.g, Form 637 registration and taxable substance listing), taxpayers should consider taking this opportunity to evaluate whether their overall SCET program is sufficiently robust and meets the greater needs of their organization for example, by reprioritizing activities within their project plans. Semimonthly periods are the first through 15th of the month and 16th through the end of the month, with the deposit being due the 14th day following the end of the semimonthly period. If you require legal or professional advice, kindly contact an attorney or other suitable professional advisor. Nearly three decades after expiring, the Superfund chemical excise tax is back. The Superfund Excise Taxes are currently set to expire on December 31, 2031. The Superfund Chemicals Excise Tax Makes a Comeback. Sitemap It has been almost 30 years since the Superfund excise tax was in effect. In Philadelphia, Economy Struggles to Keep Up with New Influx of Immigrants. The Superfund law (P.L. Some states have laws and ethical rules regarding solicitation and advertisement practices by attorneys and/or other professionals. Orlando | What are the Superfund chemical excise taxes? Fast forward to today. In addition, exporters of chemicals and substances which were subject to the Superfund Tax can request a refund of the tax previously paid. In order to pay for Its been a while since manufacturers or other affected organizations had to consider this levy, so lets take a closer look at these excise taxes and how taxpayers can determine applicability and prepare for compliance. The IRS determined this threshold in consultation with the Environmental Protection Agency and U.S. Customs and Border Protection. The Superfund Excise Tax: Back in action. Superfund Excise Tax on Chemicals Has Been Revived Effective July 1, 2022, Congress has revived the Superfund Excise tax on Taxable Chemicals and Taxable Substances that previously existed from 1980 through 1995. Aerojet and its subsidiaries have 117-169), which was signed into law on August 16, 2022, reinstated the Petroleum Superfund Tax at a rate of 16.4 cents per barrel. Go back five years for manufacturing drawback. Accordingly, the procedural rules in26 C.F.R. How are the Superfund chemical excise taxes reported? Raleigh | Yes. Taxpayers must make semimonthly deposits of the Superfund chemical excise taxes. 1043, provides transitional 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 section 6656 for failures to deposit Superfund chemical excise taxes through March 31, 2023. For tax advice, consult your tax adviser. Policy on Demand is a news platform that provides in-depth insights and analysis on policy developments that impact your business. This will result in six deposits being made per quarter (special rules apply in September). A10. However, the first 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. WebEffective July 1, 2022, Congress has revived the Superfund Excise tax on Taxable Chemicals and Taxable Substances that previously existed from 1980 through 1995. On a separate notice, the IRS released the majority (121 out of 151) of the highly requested tax rates on the substances subject to the superfund chemical excise tax. Taxable Chemicals. 117-169), which was signed into law on August 16, 2022, reinstated the Petroleum Superfund Tax at a rate of 16.4 cents per barrel. Data Security There are two lists of which importers, producers, buyers, sellers, and exporters need to be aware of: Taxable Chemicals include basic feedstocks listed under the law that incur a Superfund tax. A substance is listed as a taxable substance if it is listed under section 4672(a)(3), or if the Secretary of the Treasury or her delegate (Secretary) has added it to the list of taxable substances pursuant to section 4672(a)(2) or (4). The Anti-Money Laundering Act of 2020 Gets a Glow Up: Congress FINRA Files Amendments to Proposed Rule Change That Will Allow Remote Corporate Practice of Medicine Doctrine: Increased Enforcement on the Environmental Justice Update: EPA Announces $100 Million in EJ Grants Insurers Beware of Silent Crypto Exposure: PART III, Silent Crypto Court Rules that Brown Bread is Not Misleading, Whats Next in Washington? Final Regulations Governing Illinois Equal Pay Acts Certification Weekly Bankruptcy Alert: January 17, 2023 (For the week ending Bankruptcy Court Allows Service of a Subpoena Via Twitter. 2022 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. 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. 17. The tax On December 27, 2022, the Treasury Department and the Internal Revenue Service issued interim guidance in the form of Notice 2023-7, addressing how the new corporate AMT applies to partnership interests, consolidated return groups and other significant events that affect corporations, including merger and acquisition activities and excepted cancellation of debt income. Financial Institutions Require More Oversight of Cybersecurity Risk Bill Would Allow Shareholders To Phone It In. The IRS has provided taxpayers temporary relief from penalties for failure to deposit superfund chemical taxes in the third and fourth calendar quarters of 2022 and the first quarter of 2023 through Notice 2022-15. Certain non-fuel and agricultural uses of some of these chemicals were exempted from the excise tax. This Superfund Tax is assessed only on importers of taxable substances and is due upon the first sale or the first use after import into the United States. Los Angeles | Requesting additions and/or deletions to the taxable substances list pursuant to updated IRS guidance and procedure. Second, an importer or exporter of a substance (or other interested person) can petition the Secretary to add the substance to or remove the substance from the list of taxable substances. The Superfund Chemicals Excise Tax Makes a Comeback. The microbusiness also charges $5 for delivery. The information contained herein is not intended to be written advice concerning one or more Federal tax matters subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. If you would ike to contact us via email please click here. For example, methane or butane used as a fuel, or nitric acid, sulfuric acid, ammonia, or methane used in production of fertilizer are exempt. Who should lead the charge? Find out what KPMG can do for your business. The IRS noted that the full list of taxable chemicals and substances could change over time. $225 plus $0.073 per each acre-foot greater than 10 acre-feet. The IIJA also reinstated the Superfund excise tax on the import for sale or use of any taxable substance underSection 4671of the Tax Code. The list of 42 chemicals and their respective excise tax rates is found in Internal Revenue Code (IRC) 4661(b). The first reporting of Superfund excise taxes is due October 31, 2022 (for the period July 1, 2022, through September 30, 2022). Each member firm is a separate legal entity. This current iteration is set to expire on December 31, 2031. (added June 24, 2022), Q13. 2017 The Superfund Chemical Excise Tax was created in 1980 through the Comprehensive Environment Response, Compensation, and Liability Act. As reinstated, the tax The section 4661 tax is imposed as a rate per ton of a taxable chemical. A11. The Superfund chemical taxes will be reported on Form 720, Quarterly Federal Excise Tax Return, and Form 6627, Environmental Taxes. The new tax doubles the previous tax rate on Taxable Chemicals and Taxable Substances. Part II of Form 6627, Environmental Taxes, will be updated to reflect the tax rate per ton of each taxable chemical. Any taxable chemical or substance also qualifies for a Superfund Tax Credit. What is a taxable chemical? Tax credits abound. The U.S. Environmental Protection Agency (EPA) administered the expenditures and used the funds to clean up hazardous waste sites around the United States. IRC 4671 imposes the excise tax on the sale or use by an importer of specified taxable substances (as initially identified in IRC 4672(a)(3) and IRS Notice 2021-66). 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. No other Superfund tax refund service provider has the experience of Charter Brokerage. 429. Home Guidance Article Superfund Excise Taxes on Chemicals and Substances: How to Prepare. Additional substances may be added if the weight or value of the substances is greater than 20% of the contained taxable chemical. Houston | (added June 24, 2022), Q12. Boston | (added June 24, 2022), Q14. Now and for the future. Chicago | She has worked extensively with clients in the medical, medical technology, manufacturing, retail, and food service industries. Normally, if a taxpayer deposits less than 95% of its required deposit and is not following the prescribed safe-harbor method, Section 6656 imposes a penalty that reaches its maximum rate of 10% after only 15 days. That penalty can be avoided if the taxpayer demonstrates that the failure was due to reasonable cause and not due to wilful neglect. Taxpayers with a quarterly liability greater than $2,500 will be required to make semi-monthly tax deposits of the tax. Start Here. 2022-19: Relief for S Corporation Owners, Financial Secrecy Under Attack in the United States: Final Regulations Issued for Beneficial Ownership Information Reporting, Cybersecurity Maturity Model Certification, Business Intelligence and Data Analytics Services, Digital Strategy & Transformation Services, Government Contractor Consulting Services, SBA 8(a) Business Development Program Consulting Services, Information Technology Audit & Consulting, Cybersecurity Maturity Model Certification (CMMC), Outsourced Sales Tax Compliance and Managed Services, IRS issues Superfund Chemical Excise Tax Rates, IRS issues Superfund Chemical Excise Taxes FAQs, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. After a more than 26 year hiatus, on July 1, 2022, the Superfund chemical excise tax (the Superfund Chemical Tax) will again become effective. Hampton Roads | Semi-monthly deposits are required, however. Will the IRS prescribe tax rates for taxable substances? 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. This TaxWatch webcast discusses the superfund excise taxes being reinstated, effective July 1, 2022. Relief provided for Superfund chemical excise tax semimonthly deposits. 901, for the initial list of substances that the Secretary has added to the list of taxable substances. (Note that industry is requesting that the IRS establish a fixed rate by agreement between the IRS and Industry but it remains to be seen if this will be adopted by the IRS). COPYRIGHT 2023 RKL. See the full preliminary list in Internal Revenue Code 4661, 4671, 4672; Notice 2021-66. For more detail about the structure of the KPMG global organization please visithttps://home.kpmg/governance. 4295) on December 22, 2022, that accomplishes three things: (1) eliminates the requirement to affirmatively elect New Jersey S corporation status, while including an opt-out provision; (2) adopts the federal centralized partnership audit regime, with certain modifications; and (3) ends certain COVID-related extensions. Exemptions from the application of the excise tax are listed atSection 4662(b)of the Tax Code. 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 Treasury Department and the IRS (collectively the IRS) have released Notice 2022-15, which provides relief for certain reinstated Superfund chemical excise taxes (SCET) from the penalty for failure to properly deposit imposed under Section 6656. The Superfund Chemical Excise Tax was created in 1980 through the Comprehensive Environment Response, Compensation, and Liability Act. The Inflation Reduction Act added excise tax on domestic crude oil and imported petroleum products starting on January 1,2023. The recent reinstatement of Superfund chemical excise taxes on certain taxable chemicals and specified taxable substances takes effect July 1, 2022, and will be imposed The importer of hazardous substances pays the tax, and it is due on the first sale or use after import. As a result, large and small companies alike who produce or import these chemicals or substances are about to be slammed with additional costs. According to the IRS, 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. Below is the current list of taxable chemicals. When the Superfund tax was last applied back in 1995, a taxable substance was required to have 50% of a chemical. All Rights Reserved. 2022 Global Digital Trust Insights Survey, Application Security and Controls Monitoring Managed Services, Controls Testing and Monitoring Managed Services, Financial Crimes Compliance Managed Services, Virtual Business Office services for healthcare. 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. Kti Chemicals Inc is a superfund site located at 1170 Sonora Ct, Sunnyvale, CA 94086. 177-58) and was signed on November 15, 2021. A Frequently Asked Questions (FAQ) page about the Superfund Excise Tax is available from the Internal Revenue Service: FAQ: IRS Issues Superfund Chemical Excise Taxes. The table below outlines products that are impacted by this excise tax. The original excise tax expired on December 31, 1995. What is a taxable substance? Information must be available to properly calculate and remit taxes due, apply for refunds, or request exemptions. Inferences, however, can be made from the absence of any mention in the law. As of July 1, 2022, The Infrastructure Investment and Jobs Act (IIJA) has reinstated excise taxes imposed on certain chemicals and imported chemical substances. These FAQs detail what the Superfund chemical excise tax is, how the tax is computed, and who may be liable for the tax. This effectively doubled the tax rate of the imported taxable substances as well, and the Infrastructure Bill further Atlanta | The first quarterly Superfund Tax reporting on Form 720 is due October 31, 2022. However, the first deposit of Superfund Tax is due as early as July 29, 2022. Chemicals. The Superfund Tax rate for chemicals range from $048 per ton for nitric acid to $9.74 per ton for Benzene. This initiative came to be commonly known as the Superfund Excise Tax on Chemicals. In order to pay for the provisions in The Infrastructure Investment and Jobs Act (also referred to as the Bipartisan Infrastructure Bill), Superfund was reinstated with double the tax rate on chemicals and a vast expansion of substances. The site is 15 miles east of Sacramento, California. View Full Firm Disclosure. Review your business processes, entities and products to determine the effect on contracts, invoicing, cost recovery, technology and potential future audits. Washington DC |, Copyright 2023 Cherry Bekaert. 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). Your company could bear the economic burden of the tax being passed on from your suppliers, and, in turn, your company would then need to consider its ability to pass on the economic cost of the excise tax to its customers. These initial quarters chemical excise tax is imposed as a rate per for... This TaxWatch webcast discusses the Superfund excise tax collection expired in 1995, a taxable substance required... Three decades after expiring, the first deposit of Superfund tax refund service provider has experience! A news platform that provides in-depth insights and analysis on policy developments that your! Taxpayers during these initial quarters global organization please visithttps: //home.kpmg/governance the excise tax is due as early July. 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