The Superfund excise taxes are set to expire at the end of 2031. Part 40regarding filing, deposits, and related procedural issues apply to companies subject to the reinstated Superfund excise taxes. It is critical for companies to engage in discussions with their IT departments early to prepare for the new reporting requirements. Superfund Chemical Excise Taxes are reported on Form 6627 (Environmental Taxes), which attaches to Form 720 (Quarterly Federal Excise Tax Return). statement, 2019 Yes. 4662(e). Chicago | tax, Accounting & Matt Levin Jul 2, 2021. Taxpayers should be proactive and carefully analyze and consider the potential tax liabilities, tax reporting requirements, and systems impacts as a result. Is there a way to check the status of an application for Activity Letter G registration? customs, Benefits & The proposal would essentially create a new excise tax on the manufacture, production, or importation of 42 chemicals. Corporate 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. 2023. 23I.R.C. Between 1990 and 1995, dozens of taxpayers petitioned the IRS to determine whether different chemical substances wouldqualify as taxable substances, primarily for purposes of export, so as to qualify for an exemption or refund. 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. In November 2021, President Biden signed the Infrastructure Investment and Jobs Act. Get the insight and tools you need to fully understand and comply with changes resulting from this major tax reform. Tax Senior Manager management, Document Tax is due upon the first use or first sale of a listed chemical in the United States. Suite. EEOC Reminds Employers How to Handle Applicants and Employees With UK's PRA Sets Regulatory Priorities for International Banks, FDA Asked to Allow Healthy Claims on Coffee. The Superfund chemical taxes will be reported on Form 720, Quarterly Federal Excise Tax Return, and Form 6627, Environmental Taxes. The Final CCPA Regulations: What You Need To Know, Are College Athletes Students or Employees? The Infrastructure Investment and Jobs Act, signed at the end of 2021, reinstates the Superfund chemical excise taxes under Sections 4661 and 4671 of the Internal Revenue Code. A3. No. . When the Superfund tax was last applied back in 1995, a taxable substance was required to have 50% of a chemical. Cherry Bekaert LLP is a licensed CPA firm that provides attest services, and Cherry Bekaert Advisory LLC and its subsidiary entities provide tax and advisory services. For example, butane and methane are exempt if they are being used as fuel, but NOT if they are being used for some other purpose. California Law May Limit Hospitals Ability to Adopt The Joint Ankura CTIX FLASH Update - February 28, 2023, Ankura Cyber Threat Investigations and Expert Services. The taxes apply only to imported chemicals or substances, not those for export. Congress directed the Department of Treasury to publish an additional list of the taxable substances by January 1, 2022. Will the U.S. Supreme Court Make Marijuana Legal? How are the Superfund chemical excise taxes reported? Greenville | and accounting software suite that offers real-time Hampton Roads | Assisting with filing refund claims and reporting requirements around exemption certificates. 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. November 24, 2021. A5. Deloitte Tax This button displays the currently selected search type. Please join our EY cross-functional panel of professionals for a webcast focused on the recently enacted Infrastructure Investment and Jobs Act, specifically the reinstatement and expansion of the Superfund chemicals excise tax. On Aug. 16, 2022, the Inflation Reduction Act (IRA) reinstated a third excise tax, the Hazardous Substance Superfund Financing Tax Rate on Crude Oil and Petroleum Products. At the time of publication of these FAQs, 151 substances are listed as taxable substances. 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. 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. This would be for the periodJuly 1-September 30, 2022. This tax provided a federal fund to remediate toxic spill sites when a responsible party could not be identified. 4661 and the other applying solely to "any taxable substance sold or used" by importers pursuant to 26 U.S.C. 17Prop. Calculate the rate based on the percentage amount of each listed chemical included in the substance. automatically and accurately calculating the amount of excise tax owed. We provide an overview of the origins of the Superfund Excise Tax and take a closer look at the revitalized tax (effective July 1, 2022), as included within the Infrastructure Investment and Jobs Act (the The Infrastructure Bill), signed into law on November 15, 2021.1 Through this lens, we highlight issues to consider in evaluating the Superfund tax on chemicals and chemical substances. Additionally, prior versions of these FAQs will be maintained on IRS.gov to ensure that taxpayers, who may have relied on a prior version, can locate that version if they later need to do so. 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. Infrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. The petrochemical feedstocks were simpler to identify given the processes involved and included toluene, xylene, naphthalene, benzene, butylene, butadiene, butane, ethylene, propylene, carbon black, and methane. The Infrastructure Investment and Jobs Act lowered this threshold to 20%. Expanded Employee Retention Credit (ERC) & how our professionals can assist you. Performance Rule Requires Disclosure of Relationship Tech Takeaways: SCOTUS Weighs in on Pivotal Tech Cases. These FAQs detail what the Superfund chemical excise tax is, how the tax is computed, and who may be liable for the tax. Breaking the Link New Developments on U.S. collaboration. This Week in 340B: February 21 27, 2023. For purposes of claiming refunds under section 4662(e) for section 4661 tax paid on chemicals used in the production of an exported substance, in the case of a petition of an importer or exporter (i) that is filed and accepted by the Secretary before January 1, 2023, (ii) that seeks to add the substance to the list of taxable substances, and (iii) based on which the Secretary adds the substance to the list of taxable substances, both the filing date of the petition and the date the substance is added to the list of taxable substances will be deemed to be July 1, 2022. Cultivating a sustainable and prosperous future, Real-world client stories of purpose and impact, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. The Superfund Chemical Excise Tax was created in 1980 through the Comprehensive Environment Response, Compensation, and Liability Act. Calculating the federal excise tax liability, including taking into account available exemptions. The term " Superfund " refers to chemical excise taxes imposed by the IRS on certain domestically produced and imported chemicals, and imported substances. The current list is published in IRC section 4672(a)(3) and attached as Exhibit B. 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. 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). Criminal Referrals and OSHA Violations, Part III: Industry Standards Oregon House Revenue Committee Set to Hear More About Pro-Taxpayer Buying or Selling a Small Business Government Contractor? 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. Part of the Tax News & Views podcast series. The New York City Council Sets its Sights on Non-Profit Housing DOJ Announces New Voluntary Self-Disclosure Policy for U.S. Attorney Supreme Court: Salary, Not Daily Pay, Required for FLSA Overtime Time Is Money: A Quick Wage-Hour Tip on the Tip Credit, EDPB issues its Opinion on the EU-U.S. Data Privacy Framework, Hunton Andrews Kurths Privacy and Cybersecurity. Deposit payments with the Electronic Federal Tax Payment System (EFTPS). 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. Customer Reviews: Five-Star Enforcement and the Expanding Regulations. Exporters A8. Nothing in the statute or in Notice 2021-66, for example, references manufactured items in the context of taxable substances. At Deloitte, our purpose is to make an impact that matters by creating trust and confidence in a more equitable society. 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? 4661. See Section 4671(b)(2). 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. Tax Principal The choice of a lawyer or other professional is an important decision and should not be based solely upon advertisements. 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 media, Press 9601-9675 (2021). Until then, companies may take the IRS previous position as an indication of how it is likely to view articles and fabricated products under the current Superfund excise tax. Tax is due upon the first use or first sale of a listed chemical in the United States. CERCLA (and therefore the Superfund Excise Taxes) expired in 1985 but was extended for another five-year period through the Superfund Amendments and Reauthorization Act of 1986 (SARA), effective January 1, 1987.7 SARA expanded the Superfund Excise Tax on chemicals to include an additional tax on imported substances derived from taxable chemicals, effective January 1, 1989.8 This additional tax on taxable substances was structured to ensure that the amount of the tax correlated to the composition of the chemicals within the taxable substances.9 In other words, had the substance been purchased domestically, the Superfund Excise Tax on chemicals would have been included as part of the overall price of the substance. 4661 imposes tax on the sale or use by the manufacturer, producer, or importer of 42 listed chemicals. Tax Managing Director Under Section 4661, an excise tax is imposed on the sale by manufacturers, producers, and importers of 42 taxable chemicals (see table below for a list of those chemicals). What are the Superfund chemical excise taxes? Congress set up a trust fund, or "Superfund," to clean up and mitigate environmental damage using new taxes imposed on 42 taxable chemicals that Congress identified as having the potential to cause harm upon improper handling or disposal. 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. All Rights Reserved. The Revenue Reconciliation Act of 1990 further extended the Superfund Excise Taxes through December 31, 1995, after which point the Superfund Excise Taxes expired. (added June 24, 2022), Q5. *Note: Self-assessing based on 10% of appraisal value will almost always yield a higher tax rate than either of the other methods. Additionally, the Infrastructure Investment and Jobs Act ("IIJA") double the tax rate on chemicals or . Tax Senior Manager On Dec. 14, 2021, the IRS issued Notice 2021-66, which provides guidance on implementing the reinstated Superfund excise taxes, and followed up on June 24, 2022, with an FAQ . 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. The tax expired under its terms in the mid-1990s but has now been reinstated. 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. 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. For instance, necessary data elements may not be available to properly identify the taxable chemicals and components. Technology/systems impacts 4672(b)(1). Section 4671(a) imposes an excise tax on the sale or use of a taxable substance by the importer of the taxable substance. In our experience, it generally takes at least three months to fully implement and test a new business process and system implementation. The Superfund chemical excise taxes previously expired on December 31, 1995. IT'S HAPPENING! What Is the Difference Between a Grandfathered and a Grandmothered Health Plan? The Infrastructure Bill lowered this threshold to 20%. | Privacy Policy See section 4671(b)(3). Please enable JavaScript to view the site. Frequently Asked Questions: Superfund Chemical Excise Taxes. In Notice 2021-66 (released December 14, 2021), the IRS provided guidance on Superfund excise taxes, which are reinstated as of July 1, 2022, under the Infrastructure Investment and Jobs Act (IIJA) (see Tax Alert 2021-2059).. Notice 2021-66 does the following: Updates the list of taxable substances under IRC Section 4672(a), which had expired on December 31, 1995 For example, methane or butane used as a fuel, or nitric acid, sulfuric acid, ammonia, or methane used in production of fertilizer are exempt. Tax Implications and Financial Business Guidance Regarding the Coronavirus. Desperate Times, Desperate Measuring Cups FTC Brings Enforcement Trending in Telehealth: February 20 26, 2023, IRS Sets Deadline For Using 401(K) Plan Forfeitures, How Generative AI Generates Legal Issues in the Games Industry, DOJ Announces New Nationwide Voluntary Self-Disclosure Policy. Austin | Under the new law, the excise tax applies to the use, sale, or import of 42 taxable chemicals and 151 hazardous substances. The IRS has issued lists for both the chemicals and substances included (under Section 4661 and 4671 of the Internal Revenue Code, respectively), but has cautioned importers that items on the list could change as chemicals or substances are either added or removed from the list over time. (All oil and almost all hazardous substances are products of the oil industry, chemical and allied industries, and heavy metals industries. slunan@deloitte.com, Christina Gong Due to the complicated nature of the tax assessments, and the detailed information required, gaps in existing systems and processes may exist. Report and deposit these taxes quarterly with both: You must pay the Superfund chemical excise tax twice a month. Internal Revenue Code (IRC) section 4671 thereby imposed the same tax on imported substances as was already included in the cost of domestically purchased substances. The taxes, which should go in effect on 1 July 2022, are estimated to raise approximately $14.45bn over a 10-year period Certain services may not be available to attest clients under the rules and regulations of public accounting. Superfund tax on chemicals. Los Angeles | The Superfund tax is assessed on the manufacturer or importer of these chemicals. This box/component contains JavaScript that is needed on this page. 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. DOL Provides Snapshot of ERISA Enforcement Statistics for Fiscal Year 2022, TPA Escapes Liability for Sending COBRA Notice to Employees Former Address, but Claims Proceed Against Employer, For Try our solution finder tool for a tailored set During the webcast, we will discuss the impact to sectors that import or manufacture chemicals or chemical compounds . 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), News Releases for Frequently Asked Questions, Recent Developments for Form 6627, Environmental Taxes, Treasury Inspector General for Tax Administration, synthetic linear fatty alcohol ethoxylates, IRS issues Superfund chemical excise tax rates. discount pricing. 48839 (Oct. 21, 1983). Self-assess the rate based on 10% of the appraisal value of the imported substances.*. Attorney Advertising Notice: Prior results do not guarantee a similar outcome. Everyone loves infrastructure, but it pays to read the fine print. White House Reviewing Proposed Regulations on Reinstated Superfund You Dont Need a Machine to Predict What the FTC Might Do About Is It Compensable? The Superfund Tax is effective as of July 1, 2022 and will remain in effect until the end of 2031. The Leaking Underground Storage Tank (LUST) Fund adds an additional $0.001/gal federal fee. July 1 is fast approaching and the window to prepare for compliance with the reinstated Superfund Tax is brief. Alternatively, a taxpayer may base the rate for taxable substances on 10% of the value of the import.20. Analyzing Superfund Excise Tax calculations and reporting requirements based on a companys unique business scenario. of products and services. (added June 24, 2022), Q8. First Offshore Wind Energy Lease Sales in the Gulf of Mexico, Telephone and Texting Compliance News: Litigation Update February 2023. L. 117-58), effective July 1, 2022. The tax may be passed along to customers. chrigong@deloitte.com. Accordingly, the procedural rules in26 C.F.R. Semi-monthly deposits are required, however. 1Investment and Jobs Act, Pub. 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. Section 704.3. Otherwise, companies risk finding out about this tax when they are audited and risk becoming liable for penalties. 22The IRS does not require that the tax be included in the total cost of the product or separately line itemed in an invoice. See questions 4-5 for more information on taxable substances and questions 7-9 for more information on calculating the tax imposed by section 4671 (section 4671 tax). consulting, Infrastructure Investment and Jobs Act (IIJA), passed last November, the Internal Revenue Service (IRS) has reinstated the. When enacted, the Superfund was financed by environmental excise taxes on certain commonly used chemicals often found at Superfund sites. IRS announces Superfund chemical excise tax rates June 24, 2022 Download pdf (363.6 KB) The IRS today announced the prescribed tax rates for 121 taxable substances that are subject to the Superfund chemical excise tax imposed by section 4671 (a). Reviewing Proposed Regulations on reinstated Superfund tax is due upon the first or! The Gulf of Mexico, Telephone and Texting compliance News: Litigation Update February 2023 payments with the Electronic tax. Decision and should not be based solely upon advertisements, it generally takes least. 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