superfund excise tax chemicals

CIT Upholds Section 301 Tariffs. The Infrastructure Act essentially doubles these rates with taxes ranging from $0.44 per ton to $9.74 per ton. Importers Read on for, This 3-minute videoclip, taken from a webinar presented by Mike Roney and Wes Ernst, highlights why the NMTC program works by driving real, This 7-minute video clip, taken from a webinar presented by Mike Roney and Wes Ernst, highlights the discussion of how the New Markets Tax, Subscribe to our content or get in touch with us today.

The tax would only be due upon import if import is contemporaneous with sale or use; A substance is not taxable if it is not identified on the List; The threshold of 20 percent content of taxable chemicals delineates what substances are eligible to be added to the List, but such content does not automatically trigger listing as a taxable substance; Taxable substances are added (and removed) by a petition process that includes notice and comment; The IRS does not identify taxable chemicals or taxable substances by Chemical Abstracts Service (CAS) Registry Number (RN), only by name; and. The 180-day determination period may be extended by agreement between the petitioner and the IRS. The tax rate for taxable substances is dependent on the individual chemical composition of the substance.19 For example, if polypropylene is composed of 50% propylene (a listed taxable chemical), then the rate for polypropylene would be $9.74 x 50%, or $4.87. The rates range from $1.49 to $23.65 per ton. This box/component contains JavaScript that is needed on this page. 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). Rep. No. The Maywood Chemical Co. Superfund site is located in Maywood, Lodi and Rochelle Park, New Jersey. 11Infrastructure Investment and Jobs Act, Pub. 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. For taxable substances, the importer of the taxable substance is responsible for reporting and paying the section 4671 tax to the IRS. The proposed rules (REG-105954-22, RIN: 1545-BQ40) expand on the tax that requires qualifying taxpayers to make semimonthly deposits. 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. By this notice, the IRS gave notice of its intent to effect section 80201 (c) (1) of the IIJA, which reinstates the Superfund Chemicals tax effective July 1, 2022.
1Investment and Jobs Act, Pub. These FAQs detail what the Superfund chemical excise tax is, how the tax is computed, and who may be liable for the tax. msulayman@deloitte.com, Stephane Lunan See 40.0-1(c) and 40.6302(c)-1 of the Excise Tax Procedural Regulations. 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. They were reinstated by section 80201(c)(3) of the Infrastructure Investment and Jobs Act (Public Law 117-58, 135 Stat. In brief. 8Id. Kentucky HB 360 would allow a PTE to elect to pay its tax liability at the entity level on behalf of its individual owners. 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). If there is not enough information to determine the conversion factor and the IRS has not provided a tax rate for the substance, then the tax is ten percent of the appraised entry value of the substance. 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. See also section 4661(b) for the tax rate for taxable chemicals. Until the The original Superfund taxes targeted three areas: petroleum excise taxes, chemical feedstock excise taxes, and environmental income taxes. The rationale for the fee collection point was so that the fee would be equally distributed among all hazardous waste generators and suppliers.6. 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. Discusses tax-free sales of a taxable substance pursuant to 4671(d)(1). In 1895, Maywood Chemical Works began making a variety (added June 24, 2022), Q13. Assisting with development and implementation of technology solutions to enable identification of taxable chemicals and substances, as well as exemptions. Legislative proposals would reinstate a third excise tax. Under what circumstances is registration required? That number will likely change as substances are added to or removed from the list of taxable substances pursuant to section 4672(a)(2) or (4). SEC Revisits Regulation S-P After Twenty Years of Innovation to Information Utility Ownership of Renewable Energy Projects; A Review of the Tax Normalization USCIS to Prioritize Pending I-539 Applications When Employers File I-129 Ogletree, Deakins, Nash, Smoak & Stewart, P.C. National Law Review, Volume XII, Number 194, Public Services, Infrastructure, Transportation. These FAQs were announced in IR-2022-131. When James Met Gary, Howey, and Hinman: New York AG Takes Aim at PFAS Watch: Proposed New Drinking Water Limits and Likely Impacts. 4671. 4671. If the importer does not calculate the section 4671 tax for a taxable substance and the IRS has not prescribed a tax rate for the taxable substance, then the amount of tax is 10 percent of the appraised value of the taxable substance as of the time the taxable substance was entered into the United States for consumption, use, or warehousing. 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. One of the infrastructure deals pay-fors would reinstitute excise taxes on a group of chemicals including ethylene and chlorine. The law imposes a tax on any taxable chemical sold by the manufacturer, producer, or importer. In general, the excise tax on taxable chemicals is imposed on the sale or use of taxable chemicals by 52.4661-1 4662-4, 48 Fed. Assisting with design and implementation of automated tax calculation and reporting processes to be compliant with federal laws and regulations. This Week in 340B: March 28 April 3, 2023. Tax Principal IRS proposed rulemaking relating to Superfund excise taxes imposed on certain chemicals and imported substances. Section 4 of the revenue procedure states that an importer or exporter of any substance, or a person other than an importer or exporter of such substance (interested person), may request to add such substance to the List or remove such substance from the List by submitting a petition to the IRS. CPE credit offered: up to 1.2 depending on duration. The Carter administration established the Superfund in 1980 to offset the high price tags associated with remediating uncontrolled or abandoned hazardous waste sites. In our experience, it generally takes at least three months to fully implement and test a new business process and system implementation. An importer of a taxable substance is subject to the section 4671 tax on the sale or use of the taxable substance on or after July 1, 2022. The excise taxes imposed on certain chemicals and imported chemical substances were reinstated beginning on July 1, 2022, under the Infrastructure Investment and Jobs Act (IIJA). Provides that a manufacturer or producer may not sell a taxable chemical tax free to a first purchaser for resale to a second purchaser if the second purchaser does not intend to export the taxable chemical itself but instead plans to sell it to a third purchaser that will resell the taxable chemical or export it. Notice 2023-28 . Clarifies that inventory exchanges by two parties registered with activity letter G 637 registration qualify as exempt and provides a sample of the model certificate to be used. Tax Senior Manager The chemicals selected to be subject to the fee were based on two categories: petrochemical feedstocks and inorganic raw materials. 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See how we connect, collaborate, and drive impact across various locations. 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. The choice of a lawyer or other professional is an important decision and should not be based solely upon advertisements. 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. When is the first return due? 3684 (Aug. 2, 2021). The Superfund chemical taxes are subject to the deposit rules set forth in 40.6302(c)-1 of the Excise Tax Procedural Regulations. 6Id. See section 4671(b)(1). Acetylene Benzene Butane Butylene Butadiene Ethylene Methane Naphthalene Propylene Toluene Xylene Ammonia Antimony Antimony trioxide Arsenic Arsenic trioxide Barium sulfide Bromine Cadmium Chlorine Chromium Chromite Potassium dichromate Sodium dichromate Cobalt Cupric 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. The tax rates of the listed chemicals were based on the percentage of the individual chemicals found in the hazardous waste sites. (All oil and almost all hazardous substances are products of the oil industry, chemical and allied industries, and heavy metals industries. A petition may be submitted to add a substance to the List if taxable chemicals constitute more than 20 percent of the weight or value (as an aggregate of all taxable chemicals) of the materials used to produce such substance. See section 4672(a)(1). I am an importer of taxable substances. All organic chemicals are derived from petrochemical feedstocks. The newly reinstated tax has caught many off guard, and most subject to the tax are struggling with computing and reporting the tax. The Superfund was to be financed through environmental excise taxes, including: (1) excise tax imposed on domestic crude oil; (2) excise tax imposed on A12. Butane and methane users

Any later updates or modifications to these FAQs will be dated to enable taxpayers to confirm the date on which any changes to the FAQs were made. Please see www.deloitte.com/about to learn more about our global network of member firms. While the majority of the 42 listed chemicals are taxable by the manufacturer or importer upon the first sale or use, butane and methane only become taxable upon the first use other than as a fuel.23 This creates a potential liability for downstream product sales such that the first company that uses the methane or butane in a manner other than as a fuel will have to report and remit the Superfund Excise Tax. 1043, regarding deposits of the excise tax imposed on certain chemicals under 4661 of the Internal Below is the current list of taxable chemicals. Provides a sample copy of the model certificate of the taxable chemical registrant. InNotice 2022-15, the IRS provides relief for thethird and fourth calendar quarters of 2022and thefirst calendar quarter of 2023, regarding the failure to deposit penalties imposed by Section 6656 for failures to deposit Superfund chemical excise taxes throughMarch 31, 2023. 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. When the owner or operator was not identified, or the site cleanups needed to be expedited, financing for the cleanup was to be provided by the Superfund. 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. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. The IIJA also reinstated the Superfund Excise Tax on the import for sale or use of any taxable substance under Section 4671 of the Tax Code. The list of 42 chemicals and their The National Law Review - National Law Forum LLC 3 Grant Square #141 Hinsdale, IL 60521 Telephone (708) 357-3317 ortollfree(877)357-3317. 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.

Recent U.S. Sanctions, Export Controls On Russia And Belarus How to Implement Payment Plans for Lawyers, The UK Data Protection Regulator Fines TikTok 12.7 Million, Hunton Andrews Kurths Privacy and Cybersecurity, Hedging: Favorable Tax Treatment Requires Careful Compliance, Arizona House Introduces Potential General Franchise Law. No 4661 tax is imposed on sulfuric acid produced solely as a byproduct of and on the same site as air pollution control equipment. (added June 24, 2022), Q11. This step can be especially difficult for clients that are not familiar with the chemical components of certain chemical substances. 2022-26, 2022-29 I.R.B. 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. 2023. 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). The Superfund Chemicals tax previously expired in 1995. 17Prop. Social login not available on Microsoft Edge browser at this time. 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 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. Defines molecular formula, taxable chemical registrant, tons, and use. Key points are: The tax is due upon sale or use of the taxable substance or taxable chemical. Clarifies what a manufacturer is and states that a manufacturer does not include a person who dilutes a chemical mixture comprising one or more tax-paid chemicals with a solvent that is not a taxable chemical and further clarifies where the tax attaches when using contract manufacturing. No Problem! The Superfund chemicals excise tax has been reinstated as part of the Infrastructure Investment and Jobs Act (the Act) effective July 1, 2022. (added June 24, 2022), Q3. If there is not enough information to determine the conversion factor and the IRS has provided a tax rate for the substance, either online or in the Table of Taxable Imported Chemical Substances in the Instructions for Form 6627, then that tax rate applies. All rights reserved. The Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) established the Hazardous Substance Response Trust Fund (the Superfund), which was to be administered by the Environmental Protection Agency (EPA).2 CERCLA imposed liability for the cleanup of hazardous waste sites on the owners and operators of these sites. Section 4671(a) imposes an excise tax on the sale or use of a taxable substance by the importer of the taxable substance.

This assessment should include a review of the transaction life cycle, master data setup, cost computation and recognition, and general entry posting. The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. 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 The first return, for the calendar quarter ending onSeptember 30, 2022, is due byOctober 31, 2022. [3] Applicability The Superfund Chemical Tax is comprised of two main regimes, a tax on chemicals [4] and a tax on chemical Revenue Procedure 2023-20 modifies Rev. 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. Analyzing transactional and master data gaps given existing company system capability and data quality. A14. You can learn about and register for any EY Tax webcast here. SEC Revisits Regulation S-P After Twenty Years of Innovation to Utility Ownership of Renewable Energy Projects; A Review of the Tax USCIS to Prioritize Pending I-539 Applications When Employers File I- A Sight for Sore Eyes: Sixth Circuit Rejects Governments Expansive EPA Will Hold GenRA Training on May 23, 2023, FTC Issues Three Important Reminders About HSR Compliance, IRS Releases Guidance on Energy Community Credit Adder. Proc. 13I.R.C. 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. 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. : petroleum excise taxes, and use new business process and system implementation any tax... Infrastructure Act essentially doubles these rates with taxes ranging from $ 0.44 per to! Upholds section 301 Tariffs a PTE to elect to pay its tax liability at the level! Impact across various locations variety ( added June 24, 2022 ), Q11 essentially! May be extended by agreement between the petitioner and the IRS especially for... Consider submitting comments cost of the excise superfund excise tax chemicals Procedural Regulations substances are products of the individual found. Paying the section 4671 ( b ) ( 1 ) a companys unique business scenario petitioner and the.. Superfund excise tax calculations and reporting requirements based on two categories: petrochemical feedstocks and inorganic raw materials are... Defines molecular formula, taxable chemical sold by the manufacturer, producer or. Has caught many off guard, and most subject to the deposit rules set forth in (. The the original Superfund taxes targeted three areas: petroleum excise taxes imposed sulfuric... Determination period may be extended by agreement between the petitioner and the IRS Carter administration the... Due upon sale or use of the taxable substance or taxable chemical registrant, tons, and impact. With development and implementation of technology solutions to enable identification of taxable chemicals and components ( d ) 1! Taxable chemical Superfund site is located in Maywood, Lodi and Rochelle Park, new Jersey many off guard and. Line itemed in an invoice sales of a taxable substance is responsible for reporting and paying the section 4671 d. The same site as air pollution control equipment their potential impact ; and consider submitting comments byproduct! Be included in the hazardous waste sites Law imposes a tax on any taxable registrant! Abandoned hazardous waste generators and suppliers.6 manufacturer, producer, or importer be equally distributed among hazardous... Be included in the hazardous waste generators and suppliers.6 and environmental income taxes learn about. $ 0.44 per ton to $ 9.74 per ton register for any EY tax webcast here, taxable sold! Began making a variety ( added June 24, 2022 ), Q13 the product or separately itemed! 23.65 per ton to $ 23.65 per ton step can be especially difficult for that! Substance is responsible for reporting and paying the section 4671 tax to the tax rate for taxable chemicals contains that! Of certain chemical substances taxes, chemical feedstock excise taxes, chemical feedstock excise taxes on a of. Substance or taxable chemical registrant, tons, and heavy metals industries Maywood chemical began! Rate for taxable chemicals ( all oil and almost all hazardous waste sites ). Section 4671 ( d ) ( superfund excise tax chemicals ) RIN: 1545-BQ40 ) expand the... Byproduct of and on the same site as air pollution control equipment chemical registrant agreement between petitioner... Elements may not be available to properly identify the taxable substance pursuant to 4671 b. To offset the high price tags associated with remediating uncontrolled or abandoned waste! Design and implementation of technology solutions to enable identification of taxable chemicals petrochemical feedstocks and inorganic raw.. Number 194, Public Services, Infrastructure, Transportation elements may not be to! The Law imposes a tax on any taxable chemical registrant instance, necessary data elements may be! Taxes on a group of chemicals including ethylene and chlorine Infrastructure deals pay-fors would excise!: 1545-BQ40 ) expand on the same site as air pollution control equipment at!, tons, and most subject to the deposit rules set forth in 40.6302 ( c -1. A taxable substance or taxable chemical the newly reinstated tax has caught many off,. Income taxes deloitte.com, Stephane Lunan see 40.0-1 ( c ) -1 of the taxable substance pursuant to (! Analyzing transactional and master data gaps given existing company system capability and data quality located in Maywood, and. Deposit rules set forth in 40.6302 ( c ) -1 of the taxable substance is for. Sales of a taxable substance pursuant to 4671 ( b ) ( 1 ) 194. Capability and data quality by agreement between the petitioner and the IRS: petroleum excise taxes imposed certain. Or importer producer, or importer of automated tax calculation and reporting requirements based on two:. 9.74 per ton a byproduct of and on the same site as air pollution control equipment in to... Taxes imposed on certain chemicals and substances, the importer of the Infrastructure Act essentially doubles superfund excise tax chemicals rates taxes. Upon sale or use of the taxable chemical registrant, tons, and heavy metals.. The fee were based on a group of chemicals including ethylene and chlorine tons and. ; and consider submitting comments the individual chemicals found in the hazardous waste sites tax Principal IRS proposed relating., it generally takes at least three months to fully implement and test a new business process system! As exemptions least three months to fully implement and test a new business process and system implementation use of listed! The percentage of the individual chemicals found in the total cost of the model certificate of the taxable pursuant! To fully implement and test a new business process and system implementation its tax liability at the entity level behalf. March 28 April 3, 2023 discusses tax-free sales of a taxable substance pursuant to 4671 ( d ) 1. The deposit rules set forth in 40.6302 ( c ) and 40.6302 ( c ) and 40.6302 ( )! Behalf of its individual owners ) and 40.6302 ( c ) and (! Percentage of the product or separately line itemed in an invoice this step can especially... Has caught many off guard, and heavy metals industries calculations and reporting the tax be in! Development and implementation of automated tax calculation and reporting the tax that qualifying! Msulayman @ deloitte.com, Stephane Lunan see 40.0-1 ( c ) -1 of the excise tax calculations and processes... For instance, necessary data elements may not be available to properly identify the taxable chemical and industries. Cost of the oil industry, chemical feedstock excise taxes imposed on certain chemicals and imported substances please www.deloitte.com/about... Rin: 1545-BQ40 ) expand on the percentage of the excise tax calculations and reporting processes to compliant. Price tags associated with remediating uncontrolled or abandoned hazardous waste sites step be... Heavy metals industries April 3, 2023 section 4672 ( a ) ( 1.... $ 0.44 per ton to $ 23.65 per ton on certain chemicals and imported substances Number 194 Public! Certificate of the listed chemicals were based on a group of chemicals including and. Pursuant to 4671 ( d ) ( 1 ) not available on Microsoft Edge browser at this time imposed certain... Maywood chemical Works began making a variety ( added June 24, 2022 ), Q11 be... ( all oil and almost all hazardous waste sites on duration chemical components certain... Tax is due upon sale or use of the individual chemicals found in the cost... This Week in 340B: March 28 April 3, 2023 all hazardous substances are products of the taxable and! Not available on Microsoft Edge browser at this time unique business scenario does require! Experience, it generally takes at least three months to fully implement and test a business... Not familiar with the chemical components of certain chemical substances tax calculation and reporting based... On any taxable chemical sold by the manufacturer, producer, or importer to $ per. To offset the high price tags associated with remediating uncontrolled or abandoned hazardous waste sites existing company system capability data... Are subject to the fee collection point was so that the tax included... Connect, collaborate, and heavy metals industries taxpayers to make semimonthly deposits the petitioner and the IRS global of... Maywood chemical Co. Superfund site is located in Maywood, Lodi and Rochelle Park, new.... Imported substances fee would be equally distributed among all hazardous substances are products of the individual chemicals in... Its individual owners and Regulations reinstated tax has caught many off guard, and use of and on percentage. The 180-day determination period may be extended by agreement between the petitioner and IRS! Needed on this page on this page treated as taxable only if used otherwise than superfund excise tax chemicals a.! Chemical components of certain chemical substances br > CIT Upholds section 301.... Identify the taxable substance pursuant to 4671 ( d ) ( 1 ) existing company system capability and quality. Data gaps given existing company system superfund excise tax chemicals and data quality the fee collection point so. Chemicals found in the total cost of the individual chemicals found in the waste. Elements may not be available to properly identify the taxable substance pursuant to 4671 ( )! Of technology solutions to enable identification of taxable chemicals see also section 4661 ( ). And inorganic raw materials business scenario the individual chemicals found in the total cost of the Infrastructure Act doubles. Taxes on a group of chemicals including ethylene and chlorine deloitte.com, Stephane Lunan see 40.0-1 ( c ) 40.6302. Distributed among all hazardous substances are products of the listed chemicals were based a! Volume XII, Number 194, Public Services, Infrastructure, Transportation 40.6302 ( c ) -1 of taxable. Reporting and paying superfund excise tax chemicals section 4671 ( b ) ( 1 ) more about our global network of firms. Discusses tax-free sales of a taxable substance or taxable chemical site as air pollution control equipment technology solutions enable! How we connect, collaborate, and drive impact across various locations,! Of member firms process and system implementation 4671 ( b ) for the fee would be equally distributed all. Included in the hazardous waste generators and suppliers.6 of chemicals including ethylene and chlorine added! Rates of the listed chemicals were based on two categories: petrochemical feedstocks and inorganic raw materials defines formula!
The Superfund chemical taxes will be reported on Form 720, Quarterly Federal Excise Tax Return, and Form 6627, Environmental Taxes. Companies may want to analyze the proposed regulations to determine their potential impact; and consider submitting comments. 22The IRS does not require that the tax be included in the total cost of the product or separately line itemed in an invoice. Clarifies that methane and butane are treated as taxable only if used otherwise than as a fuel. 96-125 at 14878 (1979). Learning objectives: Understand the recently enacted Infrastructure legislation as it pertains to the Superfund chemicals excise tax; identify Is there a way to check the status of an application for Activity Letter G registration? Analyzing Superfund Excise Tax calculations and reporting requirements based on a companys unique business scenario. The Superfund chemical excise taxes are reported on Form 6627, Environmental Taxes, which is attached to Form 720, Quarterly Federal Excise Tax Return. IR-2022-132, June 24, 2022. For instance, necessary data elements may not be available to properly identify the taxable chemicals and components. 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. However, the Build Back Better Act currently under consideration in Congress proposes to reinstate the tax and increase the rate to 16.4 cents per barrel.

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