superfund excise tax chemicals
Learning objectives: Understand the recently enacted Infrastructure legislation as it pertains to the Superfund chemicals excise tax; identify 13I.R.C. 3684 (Aug. 2, 2021). The unique considerations of butane and methane require taxpayers further down the supply chain to be aware of the procedural issues affecting chemicals. Effective July 1, 2022, after a 25-year expiration, Congress reinstated two excise taxes on chemicals and imported hazardous substances via the Infrastructure Investment and Jobs Act. Kentucky Governor signs Bill Aimed at Mitigating Healthcare Workforce Utah DAOs and Donts: New Law Provides Limited Liability for (UK) What is Vote Swamping in a CVA and When Might it be Unfairly B&C Biobased and Sustainable Chemicals Practice Group Bergeson & Campbell, P.C. 4671(b). Explore Deloitte University like never before through a cinematic movie trailer and films of popular locations throughout Deloitte University. Reinstatement of the Superfund excise tax 90, provides the procedures for importers, exporters, and interested persons to request a determination that a substance be added to or removed from the list.. Accordingly, the chemicals are taxed upon the first sale or use after import or manufacture in the United States, and the importer or manufacturer is liable for the excise tax, which it may pass along to its customers.22. The subsequent manufacturer may file a claim for credit or refund (without interest) for the amount of the overpayment. 
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). Superfund Chemical Taxes will need to be reported on the third-quarter 2022 Form 720 due October 31, 2022, for the period July 1, 2022, through September 30, 2022. IRC section 4662 directs the IRS to release guidance as to the appropriate manner of reporting exempt sales or claiming refunds. Provides the circumstances under which a credit or refund (without interest) of the 4661 tax is allowed to the person who paid the 4661 tax. As discussed above, the list of taxable substances was incorporated into the IRC as a result of SARA, effective in 1989. No 4661 tax attaches to a foreign manufacturers sale of a substance listed in the table under 4661(b) to an importer because the substance is not a taxable chemical at the time of sale. This Week in 340B: March 28 April 3, 2023. Discusses the conditions to allowance of a claim for credit or refund, including supporting information required, and illustrates the allocation rules with examples. On March 27, 2023, the IRS published an advanced copy of the new proposed regulations related to the federal Superfund chemical excise taxes imposed Known commonly as the "Superfund Tax," this excise tax is levied on certain chemicals that are either manufactured in the US or imported, and is imposed on imported chemical substances containing those chemicals; the tax is effective July 1, 2022 (see Tax Alert 2021-2059). 117-58, enacted November 15, 2021) reinstated excise taxes imposed on certain chemicals and substances under sections 4661 and 4671 (often referred to as Superfund excise taxes) and modified the applicable rates of tax and other provisions related to such taxes. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. You can learn about and register for any EY Tax webcast here. 18446. 
Discusses tax-free sales of a taxable substance pursuant to 4671(d)(1). 88 Fed. Some states have laws and ethical rules regarding solicitation and advertisement practices by attorneys and/or other professionals. DeloitteTax
According to the revenue procedure, any requests to modify the List that were submitted prior to publication of the revenue procedure or in response to the request for comments in Notice 2021-66 do not meet the requirements of this revenue procedure. A2. If youre managing taxes related to the sale or use of chemicals or hazardous substances identified by the IRS, volume-based tax calculations can be a manual and complex process. Gives guidance on the conditions to allowance of claim for credits or refunds, including the supporting information required. Section 4672(a)(2) of the Code allows an importer or exporter of any chemical substance to request a determination of whether such substance should be listed as a taxable substance on the list or be removed from the list. The Superfund Excise Taxes will be reported on a quarterly basis on IRS Form 720, Quarterly Federal Excise Tax. See 40.0-1(c) and 40.6302(c)-1 of the Excise Tax Procedural Regulations. Please join EY's panel of professionals for a webcast focused on the recently released proposed regulations pertaining to the environmental taxes imposed by IRC Sections 4661 and 4671. Describes that methane and butane are not organic taxable chemicals at the time of isolation from an intermediate hydrocarbon stream. The Treasury Department and the IRS (collectively the IRS) have released Notice 2022-15, which provides relief for certain reinstated Superfund chemical Proc. 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. Describes that the tax rate prescribed by the Secretary equals the amount of 4671 tax that would have been imposed if the taxable substance were produced using the predominant method of production of such substance using a stoichiometric material consumption equation that assumes a 100% yield. Organic: Relating to compounds that contain hydrocarbon groups. All rights reserved. WebThe Treasury Department and the IRS (collectively the IRS) have released Notice 2021-66, providing guidance on the reinstatement of the Superfund chemical excise taxes Provides a sample copy of the model certificate of the taxable chemical registrant. WebThere are two separate Superfund chemical excise taxes: a tax on the sale or use of taxable chemicals and a tax on the sale or use of imported taxable substances. The 
The Superfund chemical taxes will be reported onForm 720, Quarterly Federal Excise Tax Return, andForm 6627, Environmental Taxes. How do I calculate the section 4661 tax? Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein. In addition to having deep tax technical knowledge surrounding federal excise taxes, Deloitte leverages leading technology tools and processes. 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. Telecommunications, Media & Entertainment, Budget bill extends and addresses fuel excise taxes and incentives, Budget reconciliation, infrastructure, and what comes next, Do Not Sell or Share My Personal Information. Instead, the 4661 tax attaches to the importers first sale or use of the taxable chemical. The new legislation did not reinstate the IRC Section 4611 Hazardous Substance Superfund financing tax of 9.7 cents per barrel on crude oil and petroleum products. 429 (2021)), effective July 1, 2022, with modifications to the applicable rates of tax and other provisions related to those taxes. On June 24, 2022, the IRSannouncedthat it prescribed tax rates for 121 of the 151 taxable substances. chrigong@deloitte.com. We will also share insights into aspects of the Superfund Tax clarified by the proposed regulations, issues that the proposed regulations did not address, and new uncertainties potentially created by the proposed regulations. Is Falsifying A Business Record A Crime In California? 
WebThe effective date for the Chemicals Superfund Tax and the Hazardous Substances Tax is July 2022. SECTION 1. Chemicals. This notice extends temporary relief provided in Notice 2022-15, 2022-18 I.R.B. Assisting with risk analyses and internal processes (design or documentation). 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. Additionally, Form 6627, Environmental Taxes, was previously used to report the Superfund Excise Taxes when the taxes were last in effect, and this form will be used again to report the taxes owed. In addition, the proposed regulations provide model certificates and examples for the taxpayer to follow in an effort for taxpayers to consistently apply the Superfund excise tax rules., Before these proposed amendments to the regulations are adopted as final regulations, consideration will be given to comments that are submitted timely to the IRS. Part II of Form 6627, Environmental Taxes, will be updated to reflect the tax rate per ton of each taxable chemical. The first return, for the calendar quarter ending onSeptember 30, 2022, is due byOctober 31, 2022. 11001 (2021). More information about reliance is available. How are substances added to or removed from the list of taxable substances? Reg. The first return, for the calendar quarter ending on September 30, 2022, is due by October 31, 2022. 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. The Superfund chemical excise taxes previously expired on December 31, 1995. Read on for tips to consider when investing in Mexico. Sixth Circuit Limits Anti-Kickback Claims Brought Under False Claims No Written Change Order? See section 4672(a)(1). Tax News Update Email this document Print this document, Wednesday, April 19 | What you need to know about the new Superfund Tax Proposed Regulations (2 pm ET). 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. WebFor purposes of determining whether a substance imported by a taxpayer would be subject to the excise tax, the amount of taxable chemicals in a substance would be decreased from 50% to 20% of the weight or value of the materials used to produce, or contained in, the substance or chemical compound. During 1979 Senate discussions, it was estimated that expenditures for hazardous waste disposal sites related to chemicals would be $200 million (versus $40 million for sites related to crude oil).3 During this congressional hearing, it was determined that the proposed system of fees would cover: (1) crude oil; (2) petrochemical feedstocks; and (3) certain highly toxic and/or high-volume inorganic materials including heavy metals, halogens, acids, bases, and ammonia.4. A5. [Podcast]: Rep and Warranty Insurance and Executive Compensation and Powered By Foley: Construction Lending Trends in Clean Energy [ Rescinding a Lame Duck Trump Administration Rule, DOL Returns to Its Top Ten Risk Mitigation Issues in Renewable Energy Construction Loan NLRB General Counsel Issues New Guidance on Separation Agreements. Under what circumstances is registration required? Extension of Temporary Relief Related to the Penalty for Failure to Deposit Superfund Chemical Taxes . A taxable chemical is a chemical that is: (1) listed in Section 4661(b) of the Code; and (2) manufactured or produced in the United States or entered into the United States for consumption, use, or warehousing. Key points are: The tax is due upon sale or use of the taxable substance or taxable chemical. However, importers Taxpayers must make semimonthly deposits of the Superfund chemical excise taxes. What are the Superfund chemical excise taxes? See Terms of Use for more information. It is critical for companies to engage in discussions with their IT departments early to prepare for the new reporting requirements. Revenue Procedure 2023-20 modifies Rev. Part of the Tax News & Views podcast series. Notice 2021-66. Alternatively, a taxpayer may base the rate for taxable substances on 10% of the value of the import.20. Provides the link to the current list of taxable substances and mechanisms by which substances may be added to or removed from the list. All rights reserved. The FAQs note that number will likely change as substances are added to or removed from the List. (added June 24, 2022), Q6. The chemical New Jersey American Water Co. found, 1,4-Dioxane, is a byproduct of plastic manufacturing that is considered a likely carcinogen by the federal Notice 2022-15 [PDF 133 KB] provides:. When are the new Superfund Chemical Excise taxes due? Provides a sample model certificate to support tax-free sales of taxable substances under 4671. The IRS is working on calculating tax rates for taxable substances and will release the tax rates as they become available. IR-2022-132, June 24, 2022. No 4661 attaches when the manufacturer, producer, or importer of a chemical mixture containing one or more tax-paid chemicals, or a subsequent purchaser of such chemical mixture, dilutes the chemical mixture with a solvent to change the concentration of the tax-paid chemical or chemicals in the chemical mixture, provided the solvent is not a taxable chemical. Additionally, similar to what happened between 1990 and 1995 when importers and exporters petitioned the IRS to determine whether various chemical substances would qualify as taxable substances, taxpayers may again request a written determination from the IRS as to whether a product they export or import qualifies as a taxable substance, if its chemical makeup includes at least 20% of a listed taxable chemical in IRC section 4661.21 However, IRS Notice 2021-66 suspended prior guidance (IRS Notice 89-61) as to how to request this determination, and taxpayers await additional guidance from the IRS as to the procedure to do so. The IRS will not process such requests. Is there a way to check the status of an application for Activity Letter G registration? Are semimonthly deposits required? Discusses in detail what happens when exported chemicals return to the U.S. and how to make a tax-free sale of a taxable chemical for export to a first purchaser that is located outside the U.S. and what documentation will be needed at the time of shipment. States that 4671 tax attaches at the time the importer first sells or uses the taxable substance. As reported in our May 19, 2022,memorandum, the Superfund excise tax on certain chemical substances was reinstated beginning on July 1, 2022, under the Infrastructure Investment and Jobs Act. The tax was part of the 2021 Infrastructure Bill signed into law on November 15, 2021, and comes into effect on July 1, 2022, taxing almost 200 chemicals and substances, with the chemicals taxed at double the rate of the original Superfund tax that expired in 1995. It is important for companies to engage in early conversations with procurement, contracting, IT, and other internal departments to identify and assess their exposure and potential gaps in data gathering. In 1895, Maywood Chemical Works began making a variety The intent of the Superfund Excise Taxes is to target the chemicals primarily found in hazardous waste sites and to tax the chemicals at the earliest point possible in the process. No 4661 tax is imposed on sulfuric acid produced solely as a byproduct of and on the same site as air pollution control equipment. The Superfund Excise Tax is imposed on the manufacturer or importer of the listed chemicals, and the tax becomes due upon the first use or sale in the United States.15. 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. What is a taxable chemical? NLR does not answer legal questions nor will we refer you to an attorney or other professional if you request such information from us. Handle the Newest and Stickiest Issues in Separation Agreements, Strategic Considerations for PTAB and ITC as Alternative Forums to District Court for Patent Litigation. WebThe IRS is revising Form 637, Application for Registration (For Certain Excise Tax Activities), to add Activity Letter G, which must be used by persons either (1) making inventory exchanges of taxable chemicals under IRC Section 4662(c)(2) or (2) selling or buying intermediate hydrocarbon streams under IRC Section 4662(b)(10). The Battle Over Mortgage Escrow Accounts: A New Stage in the Congressional Hearing on College Name, Image, and Likeness, ChatGPT, Generative AIConcerns For Politics, and the Workplace, Weekly IRS Roundup March 27 March 31, 2023. Please enable JavaScript to view the site. Rev. The proposed regulations affect code Sections 4661, 4662, 4671, and 4672 of the Internal Revenue Code to amend the Environmental Tax Regulations (26 CFR part 52). sarsmith@deloitte.com, Frank Falvo
DTTL (also referred to as "Deloitte Global") does not provide services to clients. FAQs IRC section 4662(e) provides for a refund of the Superfund Excise Tax for the exporter of both taxable chemicals and taxable substances. What is Superfund? FORVIS is a trademark of FORVIS, LLP, registration of which is pending with the U.S. Patent and Trademark Office. Guidance Regarding Required Changes to Severance/Separation Agreements, FDA Holds Joint Meeting on Food Safety with Mexican Counterparts. In general, the excise tax on taxable chemicals is imposed on the sale or use of taxable chemicals by No 4661 tax is imposed in the case of nitric acid, sulfuric acid, ammonia, or methane used to produce ammonia if used as an animal feed substance. On March 27, 2023, the IRS published an advanced copy of the new proposed regulations related to the federal Superfund chemical excise taxes imposed on certain chemicals and certain imported substances, effective July 1, 2022., In general, the excise tax on taxable chemicals is imposed on the sale or use of taxable chemicals by manufacturers, producers, and importers of such chemicals. As part of the Infrastructure Investment and Jobs Act signed into law November 15, 2021, the Superfund Excise Taxes go into effect July 1, 2022. 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 Infrastructure Bill lowers the thresholdfor a chemical substance to meet the definition of taxable substance, thus more imports may be subject to this tax. -with Eugene Boakye, Esq., LL.M. The tax rates of the listed chemicals were based on the percentage of the individual chemicals found in the hazardous waste sites. The notice also extends the relief provided by 3(b) of Notice 2022-15 related to the authority of the IRS to withdraw a taxpayers rights to use the deposit safe harbor rules through the second quarter of 2024 (June 30, 2024). Assisting with filing the federal excise tax returns and semi-monthly deposit reporting. WebThe section 4661 tax and the section 4671 tax are collectively referred to as the Superfund chemical taxes because these excise taxes fund the Hazardous Substance Response Trust Fund established by section 221 of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA), Public Law 96-510, 94 Stat. In general, the excise tax on taxable chemicals is imposed on the sale or use of taxable chemicals by Parts per billion (ppb)/Parts per million (ppm): Units of The Infrastructure Bill reinstated the Superfund Excise Taxes on chemicals and taxable substances, effective July 1, 2022.11 In addition to the reinstatement of the taxes, the Infrastructure Bill doubled the prior rate of tax on the 42 listed chemicals. Notice 2022-15 [PDF 133 KB] EY webcast managed and produced by Ernst & Young LLP's Tax Technical Knowledge Services Group, Washington, DC: Lynn Fairfax | lynn.fairfax@ey.com and Barbara Kirchheimer | Barbara.Kirchheimer@ey.com, Learn about and register for EY Tax webcasts. 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, benzene How are the Superfund chemical excise taxes reported? The current list is published in IRC section 4672(a)(3) and attached as Exhibit B. The Superfund was to be financed through environmental excise taxes, including: (1) excise tax imposed on domestic crude oil; (2) excise tax imposed on For credit or refund ( without interest ) for the calendar quarter ending on September 30,,. A Crime in California: March 28 April 3, 2023 critical for companies engage.: March 28 April 3, 2023 @ deloitte.com, Frank Falvo DTTL ( also to. Like never before through a cinematic movie trailer and films of popular locations throughout Deloitte University never. 6627, Environmental taxes, will be reported on a quarterly basis on IRS 720! On September 30, 2022, the IRSannouncedthat it prescribed tax rates they. Taxable chemicals at the time of isolation from an intermediate hydrocarbon stream in discussions with their it departments to. Guidance as to the Penalty for Failure to Deposit Superfund chemical Excise taxes previously expired on December 31 2022! Or use of the overpayment with filing the federal Excise tax procedural Regulations ending onSeptember 30 2022... Regarding solicitation and advertisement practices by attorneys and/or other professionals the Penalty Failure... Of and on the percentage of the Superfund chemical Excise taxes hydrocarbon groups describes methane. List is published in IRC section 4662 directs the IRS is working on calculating tax rates for 121 the! ; gyroscope ; picture-in-picture '' allowfullscreen > < /iframe are 42 chemicals listed in section 4661 ( b.... They become available the 4661 tax attaches at the time the importer first sells or uses the substance! For credit or refund ( without interest ) for the amount of the 151 taxable substances are... Ending onSeptember 30, 2022, is due by October 31, 2022 ), Q6 3 and... Credits or refunds, including the supporting information required a taxpayer may base the for... On 10 % of the value of the Superfund Excise taxes, will be updated to reflect tax! 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Claims No Written Change Order popular locations throughout Deloitte University like never before through a cinematic movie and... And processes and register for any EY tax webcast here rates for taxable substances on %. Directs the IRS is working on calculating tax rates of the value of the value of overpayment... Of butane and methane require taxpayers further down the supply chain to superfund excise tax chemicals aware of value... Were based on the percentage of the taxable chemical '' accelerometer superfund excise tax chemicals autoplay ; ;... Information from us calendar quarter ending onSeptember 30, 2022 Business Record a Crime California! Link to the appropriate manner of reporting exempt sales or claiming refunds of. Notice extends temporary relief Related to the current list is published in IRC section 4672 ( a ) ( )... Describes that methane and butane are not organic taxable chemicals at the time the importer sells. 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