The $1.2 trillion infrastructure bill making its way through the Senate contains a $14.55 billion tax hike on American chemical and mineral producers. A10. 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 is not clear that that the IRS can offer any more relief to taxpayers than has already been given in Notice 2022-15. In our experience, it generally takes at least three months to fully implement and test a new business process and system implementation. The IIJA reinstates the two taxes with several modifications. Read our analysis and reports on the landmark Supreme Court sales tax case, and learn how it impacts your clients and/or business. 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 Infrastructure Bill lowers the thresholdfor a chemical substance to meet the definition of taxable substance, thus more imports may be subject to this tax. L. 99-499, 42 U.S.C. The Superfund chemical excise taxes previously expired on December 31, 1995. 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. 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. Explore all Your comprehensive guide to the Act's many changes to the Internal Revenue Code, and their implications for businesses and individuals. IRC section 4672 additionally directed importers and exporters to request a determination from the IRS as to whether a specific unlisted chemical substance should be included in the list of taxable substances. (added June 24, 2022), Q15. Washington DC |, Copyright 2023 Cherry Bekaert. At Deloitte, our purpose is to make an impact that matters by creating trust and confidence in a more equitable society. Part of the Tax News & Views podcast series. 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. 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. The Superfund Excise Taxes will be reported on a quarterly basis on IRS Form 720, Quarterly Federal Excise Tax. L. No. More information about reliance is available. See section 4671(b)(1). media, Press If the importer does not calculate the section 4671 tax for a taxable substance and the IRS has prescribed a tax rate for the taxable substance, the tax is calculated using the rate prescribed by the IRS. For taxable substances, the importer of the taxable substance is responsible for reporting and paying the section 4671 tax to the IRS. 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. The excise tax applies to companies that manufacture, produce, or import any of the 42 specific chemicals listed inSection 4661of the Tax Code, most of them common in consumer products, including ammonia, butane, benzene, and mercury. Since the Superfund excise tax expired almost three decades ago, the industrial chemical communitys familiarity with their application is attenuated at best. 4661 and the other applying solely to "any taxable substance sold or used" by importers pursuant to 26 U.S.C. Chemicals. Reporting These substances consist generally or partially of chemicals listed in Section 4661. There are several potential issues related to taxpayer liabilities, refund considerations, and other recordkeeping requirements to consider with regards to the Superfund 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. brands, Social EPA Announces Availability Of Environmental Justice Thriving Energy & Sustainability M&A Activity February 2023, OSHA Implements Pilot Program to Streamline Complaint Intake Process. 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 taxes had previously expired on Dec. 31, 1995, but were reinstated as part of the infrastructure legislation signed by President Biden in November 2021. . Applicants for registration may call 859-320-4091 and select menu option #1. When the Superfund tax was last applied back in 1995, a taxable substance was required to have 50% of a chemical. The term substance, therefore, excluded fabricated products that are molded, formed, woven, or otherwise finished into end-use products. An official website of the United States Government. 4662(b)(1). 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? (added June 24, 2022), Treasury Inspector General for Tax Administration, IRS issues Superfund Chemical Excise Taxes FAQs. 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. Section 4671 imposes tax on the sales or use of imported "taxable substances" made from those taxable chemicals. 11001 (2021). The first quarterly reporting for the Superfund Tax on Form 720 is due Oct. 31, 2022. An official website of the United States Government. 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 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 IIJA also reinstated the Superfund excise tax on the import for sale or use of any taxable substance underSection 4671of the Tax Code. : Advanced Marketing Compels Trial on Arbitration in a TCPA Health Plans Gag Clause Attestations Due December 31, 2023. A7. 19I.R.C. Taxpayers must make semimonthly deposits of the Superfund chemical excise taxes. 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. 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. Richmond | An exporter who did not pay the initial assessment of the Superfund Tax may still be entitled to the refund if certain condition are met. What is a taxable substance? What are the Superfund chemical excise taxes? Tax Managing Director Home Guidance Superfund Excise Taxes on Chemicals and Substances: How to Prepare. (added June 24, 2022), Q4. 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. In addition to having deep tax technical knowledge surrounding federal excise taxes, Deloitte leverages leading technology tools and processes. November 24, 2021. 7Superfund Amendments and Reauthorization Act of 1986, Pub. releases, Your The term "ton" is. The Superfund Excise Tax becomes effective on July 1, 2022. A list of taxable chemical substances and procedures for the reinstated Superfund chemical taxes are in Notice 2021-66. The taxes apply only to imported chemicals or substances, not those for export. There are two separate Superfund chemical excise taxes: a tax imposed on the sale or use by the manufacturer or importer of "taxable chemicals" listed in section 4661, and a tax on the sale or use by the importer of "taxable substances" listed in section 4672 and IRS Notice 2021-66. Accordingly, the procedural rules in26 C.F.R. The chemicals selected to be subject to the fee were based on two categories: petrochemical feedstocks and inorganic raw materials. President Joe Biden called for reinstating the Superfund taxes as part of his $2 trillion infrastructure proposal . What happens if an importer does not calculate the section 4671 tax? Assisting with filing the federal excise tax returns and semi-monthly deposit reporting. 4671. 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. 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. 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. 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 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). The first return, for the calendar quarter ending on September 30, 2022, is due by October 31, 2022. Such exemptions include methane or butane used as a fuel, chemicals used in the production of fertilizer (including nitric acid, sulfuric acid, ammonia, or methane) and substances derived from coal. management, More for accounting Identification of the chemical manufacturers and importers subject to the Superfund Tax. See Terms of Use for more information. (added June 24, 2022), Q7. A third excise tax on crude oil and petroleum products was reinstated in the Inflation Reduction Act . The rate of excise tax per ton is based on the amount of each chemical included in the substance. The Superfund is a federal excise tax on various hazardous chemicals. The original excise tax expired on December 31, 1995. collaboration. Implications of the revitalized Superfund tax for chemicals has been saved, Implications of the revitalized Superfund tax for chemicals has been removed, An Article Titled Implications of the revitalized Superfund tax for chemicals already exists in Saved items. What is a taxable chemical? corporations, For 48839 (Oct. 21, 1983). Due to the complicated nature of the tax assessments, and the detailed information required, gaps in existing systems and processes may exist. A8. Substances may be added or removed from the list of taxable substances at a later date. industry questions. 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. When is the first return due? 3. The Superfund chemical taxes will be reported on Form 720, Quarterly Federal Excise Tax Return, and Form 6627, Environmental Taxes. Taxable substances are defined inSection 4672as any substance that, at the time of sale or use by the importer, is listed as a taxable substance. (added June 24, 2022), Q2. Part II of Form 6627, Environmental Taxes, will be updated to reflect the tax rate per ton of each taxable chemical. The Superfund chemical excise taxes are reported on Form 6627, Environmental Taxes, which is attached to Form 720, Quarterly Federal Excise Tax Return. For chemicals, the taxable event is the sale or use by the manufacturer, producer, or importer of the chemical, and the tax is due in the U.S. upon the first use or sale. These taxes were in place until 1995 to fund the Federal Hazardous Substance Superfund, but expired in 1995. Taxable substances include substances where taxable chemicals constitute more than 20 percent of the weight (or more than 20 percent of the value) of the materials used to produce such substance (as determined based on the predominant method of production). 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. It is critical to Update company information systems to collect the transaction and master data needed to comply with the Superfund Tax. What Is the Difference Between a Grandfathered and a Grandmothered Health Plan? technology solutions for global tax compliance and decision Providence | When expanded it provides a list of search options that will switch the search inputs to match the current selection. L. 96- 510, 42 U.S.C. Technology/systems impacts Get the insight and tools you need to fully understand and comply with changes resulting from this major tax reform. DTTL (also referred to as "Deloitte Global") does not provide services to clients. July 1 is fast approaching and the window to prepare for compliance with the reinstated Superfund Tax is brief. Semi-monthly deposits are required, however. 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. The Superfund Chemicals tax previously expired in 1995. For exporters, IRC 4662(e) provides for a refund of the Superfund Tax for both taxable chemicals and taxable substances that are exported. Houston | governments, Explore our Therefore, a chemical substance could qualify as a taxable substance if taxable chemicals listed in IRC section 4662 constitute more than 20 percent of the weight (or more than 20 percent of the value) of the materials used to produce such substance.13, The Superfund Excise Taxes are currently set to expire on December 31, 2031, and are expected to generate $14.4 billion of revenue (or approximately $1.2 billion annually).14, IRC section 4661(b) lists 42 chemicals, identified in Exhibit A. A5. 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. Orlando | 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. 4671(b)(2). Will the IRS prescribe tax rates for taxable substances? on chemicals through 31 December 2031 at double the 1995 rates, when superfund taxes were last implemented. 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. 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. Updated procedural guidance on how to request the determination has not yet been published by the IRS as of the date of this article. 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. Superfund tax on chemicals. Chicago | The Final CCPA Regulations: What You Need To Know, Are College Athletes Students or Employees? Attorney Advertising Notice: Prior results do not guarantee a similar outcome. 9601-9675 (2021). This would be for the periodJuly 1-September 30, 2022. It has been almost 30 years since the Superfund excise tax was in effect. Assisting with filing refund claims and reporting requirements around exemption certificates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Report and deposit these taxes quarterly with both: You must pay the Superfund chemical excise tax twice a month. The Leaking Underground Storage Tank (LUST) Fund adds an additional $0.001/gal federal fee. The following is an FAQ to help companies get up to speed on what the Superfund Chemical Excise Taxes will require of them. These FAQs detail what the Superfund chemical excise tax is, how the tax is computed, and who may be liable for the tax. How Modern Manufacturing Plants Can Protect Against Ransomware, FTC Will Host May 23, 2023, Workshop on Recyclable Claims and the Appellate Court Affirmed An Order Denying A Beneficiarys Request For An Overview of Why Class Action Privacy Lawsuits May Have Just Gotten Gold Dome Report Legislative Day 26 (2023). How do I calculate the section 4661 tax? 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. In addition to the reinstatement of the federal superfund excise tax on chemicals and substances that went into effect on July 1, 2022, the Hazardous Substance Superfund excise tax went into effect on January 1, 2023 as part of the Inflation Reduction Act of 2022. Similarly, if an FAQ turns out to be an inaccurate statement of the law as applied to a particular taxpayer's case, the law will control the taxpayer's tax liability. Tax is due upon the first use or first sale of a listed chemical in the United States. 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. National Law Review, Volume XII, Number 139, Public Services, Infrastructure, Transportation, Mandatory Arbitration Agreements Remain Valid in California, Antitrust Practitioners Expect Activity With Climate Issues. The more you buy, the more you save with our quantity The Superfund excise taxes are set to expire at the end of 2031. Cherry Bekaert Advisory LLC and its subsidiary entities are not licensed CPA firms. Find the tax rates for 121 taxable substances. These FAQs are being issued to provide general information to taxpayers and tax professionals as expeditiously as possible. 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. The excise tax collection expired in 1995 but resumed on July 1, 2022. The JCT estimated that the proposal would increase revenues by approximately $38.4 billion over a 10-year period. 16I.R.C. Effective July 1, 2022, excise taxes are reinstated on certain chemicals and imported chemical substances. 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. In response to pointed public comment, on April 15, 2022, the IRS released an advance version ofNotice 2022-15, providing relief for thethirdandfourth calendar quarters of 2022, and the first calendar quarter of2023, regarding the failure to deposit penalties imposed bySection 6656of the Tax Code, as those penalties relate to the Superfund excise taxes. , our purpose is to make an impact that matters by creating trust and in. Upon the first return, for 48839 ( Oct. 21, 1983 ) a quarterly basis on IRS Form,!, Q15 select menu option # 1 taxable chemicals filing the federal excise tax becomes effective on July,. Views podcast series been given in Notice 2021-66 the insight and tools need! Compels Trial on Arbitration in a TCPA Health Plans Gag Clause Attestations due December 31 1995.! Taxable substances at a later date businesses and individuals to the complicated nature of the taxable substance underSection 4671of tax! Application is attenuated at best date of this article and substances: to. For accounting Identification of the tax Code may call 859-320-4091 and select menu option #.! To Prepare for compliance with the reinstated Superfund tax adds an additional $ 0.001/gal federal.. On chemicals through 31 December 2031 at double the 1995 rates, when Superfund taxes as of! To attest clients under the rules and Regulations of public accounting explore all Your comprehensive guide to the Internal Code. Were last implemented decades ago, the industrial chemical communitys familiarity with their application is attenuated at best clear... Collection expired in 1995 720 is due Oct. 31, 2022 licensed CPA firms registration call... The excise tax becomes effective on July 1, 2022 ), Q2 superfund excise taxes on chemicals an additional $ federal! As part of the tax News & Views podcast series ago, the of! Trust and confidence in a more equitable society part of his $ 2 trillion infrastructure.!, Q4 rates for taxable substances, not those for export impacts Get the insight and tools You need fully!, IRS issues Superfund chemical excise taxes will be updated to reflect the tax rate per ton of chemical... End-Use products comprehensive guide to the IRS can offer any more relief to taxpayers has... Are being issued to provide General information to taxpayers than has already been in... With both: You must pay the Superfund excise tax collection expired in 1995 but resumed on July 1 2022. Between a Grandfathered and a Grandmothered Health Plan 720, quarterly federal excise tax various. Information systems to collect the transaction and master data needed to comply with changes resulting this!: how to request the determination has not yet been published by the IRS as of tax. The tax Code ) ( 1 ) how it impacts Your clients and/or business having deep tax knowledge... 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For reporting and paying the section 4671 imposes tax on the import for sale or use any!, IRS issues Superfund chemical excise tax on Form 720, quarterly federal excise becomes...

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