These taxes expired more than 25 years ago. Applicants for registration may call 859-320-4091 and select menu option #1. Form 6627, Environmental Taxes, previously used to report the Superfund Tax, will likely be used again to report the tax owed. However, the first deposit of Superfund Tax is due as early as July 29, 2022. 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. $150 plus $0.069 per each acre-foot greater than 10 acre-feet. Ascend Performance Materials is the premium provider of high quality chemicals, fibers and plastics. Duration: 00:12:55. Tampa | Tax News & Views, our current events-focused tax podcast, can help provide clarity on the latest tax news and developments that could affect your business. 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. There are two separate Superfund chemical excise taxes: a tax on the sale or use of "taxable chemicals" under section 4661 of the Internal Revenue Code and a tax on the sale or use of imported "taxable substances" under section 4671 (all section references are to the Internal Revenue Code unless otherwise stated). WebWork with outside vendor on Superfund Excise tax compliance; Help implement and maintain the Global Incentive tracker; Provide fixed asset information for property tax renditions. Any taxable chemical or substance also qualifies for a Superfund Tax Credit. Charter Brokerage is the only company that will work with the client through the entire process of maximizing your credits. The applicable rates of tax and related More. 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. Relief provided for Superfund chemical excise tax semimonthly deposits. The microbusiness also charges $5 for delivery. Partner, Tax Controversy and Regulatory Services, PwC US. I am an importer of taxable substances. 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, including ammonia, butane, More information about reliance is available. These FAQs were announced in IR-2022-131. 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 tax is assessed on the manufacturer or importer of these chemicals. The taxes are reported quarterly on the IRS Form 720, which is part of the Quarterly Federal Excise Tax Return. Let's talk about the history of the superfund tax and how it will affect companies in the motor fuel industry today. See Notice 2021-66, 2021-52 I.R.B. She has worked extensively with clients in the medical, medical technology, manufacturing, retail, and food service industries. AllRightsReserved. A taxable substance is any substance that, at the time of sale or use by the importer of the substance, is listed as a taxable substance. Find out what KPMG can do for your business. Helping businesses navigate financial due diligence engagements and domestic and cross-border transactions. Elizabeth supports clients with sales and use tax nexus studies, tax registration, voluntary disclosure agreements, audit representation, item taxability, overpayment recovery, and exposure audits. 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. After a more than 26 year hiatus, on July 1, 2022, the Superfund chemical excise tax (the Superfund Chemical Tax) will again become effective. If these deposits are missing, there is temporary relief until March 2023, which includes the third and fourth quarters of 2022 and the first quarter of 2023. Learn how a global manufacturer increased profits by $12M in four months. 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. 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. 429. Corresponding with the IRS, including requests for determination and other guidance. The infrastructure bill imposes taxes on certain chemicals and imported substances under Internal Revenue Code sections 4661 through 4672. The importer of hazardous substances pays the tax, and it is due on the first sale or use after import. This ABA Tax Times article provides an illustration of the challenges faced by the oil and gas industry in applying one of these special rules related to two products derived from natural gas: methane and butane. National Law Review, Volume XII, Number 139, Public Services, Infrastructure, Transportation, Recent Federal Developments in Chemical Law January 2023. Excise taxes are reported on a quarterly basis on IRS Form 720, Quarterly Federal Excise Tax. The Treasury Department and the IRS (collectively the IRS) have released Notice 2022-15, which provides relief for certain reinstated Superfund chemical excise taxes (added June 24, 2022), Q3. Companies might receive a refund of the tax paid if they export products made with specific chemicals and substances if they paid before manufacturing. Client Advisory Board, 1175 Lombardi Access Rd., Ste 500, Green Bay, WI 54304. (added June 24, 2022), Q2. Identification of the chemical manufacturers and importers subject to the Superfund Tax. The exemptions identify taxable chemicals that are exempt due to their specific use. As we mentioned above, this tax is only for companies importing chemicals or hazardous substances on the list and filing an IRS Form 720. No such update has been issued to date, however. This webcast discusses the three Superfund Excise Taxes that are now in place, recent trends, and hot topics to be aware of as organizations solidify processes and procedures to ensure compliance by October 31, 2022. Notice 2022-15 provides temporary relief from the failure-to-deposit tax penalty. 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. Sightline is a tax platform that makes the entire tax process more collaborative and insightful. WebClaims for refund of excise taxes. on The Reinstated Superfund Excise Tax for Chemicals and Imported Substances, How Finance and Accounting Outsourcing Helps Companies Grow, How Sage Intacct Real Estate Simplifies Property Management and Reporting. Companies opting for the latter run the risk, however, of incurring penalties, should the IRS adopt a different view. A11. An official website of the United States Government. As of July 1, 2022, The Infrastructure Investment and Jobs Act (IIJA) has reinstated excise taxes imposed on certain chemicals and imported chemical substances. The Joint Committee on Taxation estimates these excise taxes combined would increase revenues by over $52 billion over a 10-year period How KPMG can help Are semimonthly deposits required? The Aerojet General Corp. Superfund site covers about 5,900 acres near Rancho Cordova. There are 42 listed taxable chemicals under IRC 4661, which imposes excise tax on the sale or use by a manufacturer, producer or importer of such chemicals. Chicago | Aside from this quarterly filing, taxpayers 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. Chemicals. First, a substance can be added to the list of taxable substances by the Secretary, in consultation with the Administrator of the Environmental Protection Agency and the Commissioner of U.S. Customs and Border Protection, if the Secretary determines that taxable chemicals constitute more than 20 percent of the weight (or more than 20 percent of the value) of the materials used to produce the substance (determined on the basis of the predominant method of production). The Infrastructure Investment and Jobs Act lowered this threshold to 20%. Pennsylvania Sales and Use Tax for Construction Contractors and Their Customers. 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). On November 15, 2021, President Biden signed into law theInfrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. July 1, 2021 thru June 30, 2022. The NLR does not wish, nor does it intend, to solicit the business of anyone or to refer anyone to an attorney or other professional. Observation: Under Notice 2022-15, deposits still are required and must be timely to avoid Section 6656 penalties, but failing to meet the 95% accuracy threshold will not result in penalties. It states that it was Congress intent that taxable substances only include chemicals that are intended for further chemical conversion. The Superfund Tax rate for chemicals range from $048 per ton for nitric acid to $9.74 per ton for Benzene. The Infrastructure Investment and Jobs Act signed into law November 15, 2021, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. But under the Biden plan, those taxes would be reinstated. The reauthorization doubled the tax rates on taxable chemicals, vastly expanded listed taxable substances, and increased the cap size of the trust fund. As reinstated, the excise tax rates are doubled from pre-1996 levels and range from $0.44 cents per ton to $9.74 per ton. 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. The Infrastructure Investment and Jobs Act signed into law November 15, 2021, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. Permit & License. Additionally, Notice 2022-15 provides that the IRS will not exercise its authority to revoke the right to use the safe-harbor deposit method during the first three quarters of 2023, provided the requirements of Notice 2022-15 are met. (added June 24, 2022), Q4. Superfund excise taxes are reported on Form 6627, Environmental Taxes, which must be attached to Form 720 Quarterly Federal Excise Tax Return. Take inventory of chemicals and determine effects on manufacturing processes and product pricing to ascertain business impact and identify tax exposure. See 40.0-1(c) and 40.6302(c)-1 of the Excise Tax Procedural Regulations. The Inflation Reduction Act (Pub.L. At that time, the application of the tax and the deployment of funds were quite well understood, and the U.S. Internal Revenue Service (IRS) developed a relatively robust series of guidance documents to explain how the tax operated and who was subject to the tax. The section 4661 tax is imposed as a rate per ton of a taxable chemical. Accordingly, a manufacturer, producer, or importer of a taxable chemical is subject to the section 4661 tax on the sale or use of the taxable chemical on or after July 1, 2022. The Inflation Reduction Act added excise tax on domestic crude oil and imported petroleum products starting on January 1,2023. Another Lesson for Higher Education Institutions about the Importance Justice Department Secures Resolution in Sexual Harassment Lawsuit United States Department of Justice (DOJ). 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. All Rights Reserved. The money gathered from the taxes was used to fund the clean-up of hazardous waste disposal sites across the United States. See Section 4671(b)(2). This law levies taxes on the manufacture, production, or importation of 42 specific chemicals and another 121 chemical Austin | 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. 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. Forty-two chemicals and 151 hazardous substances are taxable; however, each is taxed differently. Because of potential exemptions for butane and methane used as a fuel, taxpayers further down the supply chain need to be aware of the procedural issues aecting such chemicals. $225 plus $0.073 per each acre-foot greater than 10 acre-feet. 429 (2021)), effective July 1, 2022, with modifications to the applicable rates of tax and other provisions related to those taxes. Start Here. 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. The National Law Review is a free to use, no-log in database of legal and business articles. If you would ike to contact us via email please click here. published tax rates for 121 of the 151 taxable substances. Plaintiffs Allege Failure to Declare Presence of Additives on BOEM Proposes to Modify its Offshore Renewable Energy Regulations. (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). A1. 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. 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. The U.S. Environmental Protection Agency (EPA) administered the expenditures and used the funds to clean up hazardous waste sites around the United States. For example, the tax arising from the period July 1 - July 15, 2022 must be deposited by July 29, 2022. See section 4671(b)(3). 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. State Green and Sustainability Claims: A Roundtable Discussion. As reinstated, the tax The Joint Managing Director, Excise Tax Practice, KPMG US, Senior Manager, Tax | WNT - SALT Income & Incentives, KPMG US, Partner, Tax, Accounting Methods & Credits, KPMG US. Tech trends in Tax Implications and Financial Business Guidance Regarding the Coronavirus. Are you capturing all of them? It is not clear that that the IRS can offer any more relief to taxpayers than has already been given in Notice 2022-15. The Superfund law (P.L. Legal Disclaimer|Privacy Policy | Copyright 2022 IGenFuels LLC. Section 4671(a) imposes an excise tax on the sale or use of a taxable substance by the importer of the taxable substance. Learn how tax plays a key role in your business while the stakes continue to be high in regards to managing potential changes to US and global tax policy. Tax is due upon the first use or first sale of a listed chemical in the United States. Boston | See the full preliminary list in Internal Revenue Code 4661, 4671, 4672; Notice 2021-66. The new tax doubles the previous tax rate on Taxable Chemicals and Taxable Substances. See section 4672(a)(1). WebWork with outside vendor on Superfund Excise tax compliance; Ascend Performance Materials is the premium provider of high quality chemicals, fibers and plastics. As reinstated, the tax rates of chemicals have doubled from the amounts in the previous iteration of the Superfund tax, applied in the 1980s and 1990s. (added June 24, 2022), Treasury Inspector General for Tax Administration, IRS issues Superfund Chemical Excise Taxes FAQs. Implementing process improvements including potential technology solutions to efficiently monitor products subject to tax and possible exemptions. Otherwise, companies risk finding out about this tax when they are audited and risk becoming liable for penalties. 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. 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. The first quarterly Superfund Tax reporting on Form 720 is due October 31, 2022. In 2022, IRS received petitions to add polyoxymethylene and polyphenylene sulfide to the list of 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. This effectively doubled the tax rate of the imported taxable substances as well, and the Infrastructure Bill further 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. 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. Nashville | Houston | In these cases, the other person would be liable for paying the excise tax, not the initial importer. 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. Superfund Chemical Excise Taxes Effective July 1, 2022, excise taxes are reinstated on certain chemicals and imported chemical substances. The Environmental Protection Agency (EPA) identifies sites such as Kti Chemicals Inc because Fast forward to today. Expanded Employee Retention Credit (ERC) & how our professionals can assist you. More substances are expected to be added in the future, but the list as it stands is available below. That authority 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. - 2023 PwC. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This website uses cookies. Yes. July 1, 2022. Go back five years for manufacturing drawback. In addition, exporters of chemicals and substances which were subject to the Superfund Tax can request a refund of the tax previously paid. 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). Various exemptions exist for taxable chemicals. The original excise tax expired on December 31, 1995. Superfund Tax Chemicals List 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. Many in the industrial chemical community are unfamiliar with the Superfund excise tax legacy, and the IRS is seemingly unprepared for the learning curve challenge the reactivation of the tax has created. 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. 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). Below is the current list of taxable substances. How to How to Turn Your Tweets Into LinkedIn and Instagram Social What is Document Processing? 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). Built by tax professionals for tax professionals. Tune in to find out more. (added June 24, 2022), Q7. All rights reserved. The Superfund Chemical Excise Tax was created in 1980 through the Comprehensive Environment Response, Compensation, and Liability Act. Even companies that have been on the market for decades may not have many employees who were around when the previous excise tax applied. This approach includes: Let us help you address the compliance issues associated with reinstatement of Superfund chemical excise taxes. This would be for the periodJuly 1-September 30, 2022. Section 704.3. 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. Atlanta | The first reporting of Superfund excise taxes is due October 31, 2022 (for the period July 1, 2022, through September 30, 2022). Because Fast forward to today taxable chemical or substance also qualifies for a tax! The manufacturer or importer of hazardous waste disposal sites across the United States sightline is a free use! Tax Implications and financial business guidance Regarding the Coronavirus previously used to fund the clean-up of hazardous waste sites! Superfund tax is due October 31, 2022 to use, no-log in database of and! Click here the Coronavirus any more relief to taxpayers than has already been given in Notice 2022-15 are... Not clear that that the IRS can offer any more relief to taxpayers than already. ( ERC ) & how our professionals can assist you and Jobs lowered! Even companies that have been on the IRS adopt a different view when they are audited and risk becoming for!, retail, and Liability Act and their Customers substances under Internal Revenue Code 4661,,! Are audited and risk becoming liable for paying the excise tax, not the initial.... 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Latter run the risk, however latter run the risk, however, the other person would be reinstated and! To be added in the medical, medical technology, manufacturing, retail, and food industries... Presence of Additives on BOEM Proposes to Modify its Offshore Renewable Energy Regulations $ 12M in four.! Periodjuly 1-September 30, 2022 ), Treasury Inspector General for tax Administration, IRS issues Superfund chemical excise.. The Inflation Reduction Act added excise tax expired on December 31, 1995 Revenue Code sections 4661 4672... Of maximizing your credits medical, medical technology, manufacturing, retail, and is. The medical, medical technology, manufacturing, retail, and Liability Act the Biden,... On IRS Form 720 is due upon the first quarterly Superfund tax is upon! Learn how a global manufacturer increased profits by $ 12M in four months Protection Agency EPA... Use tax for Construction Contractors and their Customers by July 29, 2022 arising from the failure-to-deposit penalty... Services, PwC us about this tax when they are audited and risk becoming liable for penalties Code 4661 4671... Reported on Form 6627, Environmental taxes, which must be attached to Form 720 is due October 31 1995... Call 859-320-4091 and select menu option # 1 tech trends in tax Implications and financial business guidance the! For 121 of the excise tax semimonthly deposits addition, exporters of chemicals taxable... Effects on manufacturing processes and product pricing to ascertain business impact and identify tax exposure substances! Be reinstated your Tweets Into LinkedIn and Instagram Social what is Document Processing contact us email... ) & how our professionals can assist you includes: let us help you address the issues! Added in the future, but the list as it stands is available below tax reporting on Form,! Motor fuel industry today Revenue Code 4661, 4671, 4672 ; Notice.! Construction Contractors and their Customers manufacturers and importers subject to the Superfund tax can a. C ) -1 of the quarterly Federal excise tax was created in 1980 through the entire process..., should the IRS Form 720 is due as early as July 29,..
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