Chicago | 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. Home Guidance Superfund Excise Taxes on Chemicals and Substances: How to Prepare. 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. A15. The first return, for the calendar quarter ending on September 30, 2022, is due by October 31, 2022. Chemical tax to clean up toxic sites gets new life as part of infrastructure deal. Heres how to analyze the implications and plan now for the revitalized Superfund Excise Tax. 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. 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. Arizona Gets to Keep Its State-Operated Workplace Safety and Health Manufacturers Legal Considerations for Staffing Reductions, PCAOB Enforcement Activity Up Sharply in 2022. The IIJA reinstates the two taxes with several modifications. The Petroleum Superfund Tax is proposed to be indexed for inflation beginning in calendar year 2023. 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? WASHINGTON The Internal Revenue Service announced today that it has prescribed tax rates for 121 taxable substances that are subject to the Superfund chemical excise tax imposed by section 4671(a) of the Internal Revenue Code (Code). Part 40regarding filing, deposits, and related procedural issues apply to companies subject to the reinstated Superfund excise taxes. Such exemptions include methane or butane used as a fuel, chemicals used in the production of fertilizer (including nitric acid, sulfuric acid, ammonia, or methane) and substances derived from coal. consulting, Infrastructure Investment and Jobs Act (IIJA), passed last November, the Internal Revenue Service (IRS) has reinstated the. | All Locations, Cherry Bekaert is the brand name under which Cherry Bekaert LLP and Cherry Bekaert Advisory LLC, independently owned entities, provide professional services in an alternative practice structure in accordance with applicable professional standards. Congress directed the IRS to publish a list of additional taxable substances by January 1, 2022, which was published by the IRS via IRS Notice 2021-66.12, In addition to increasing the tax rate, the Infrastructure Bill lowered the threshold as to what is considered a taxable substance for importers or exporters who wish to request a determination from the IRS. The Superfund Chemical Excise Tax was created in 1980 through the Comprehensive Environment Response, Compensation, and Liability Act. The more you buy, the more you save with our quantity The new infrastructure bill revives the Superfund and will impose 42 new excise taxes on chemicals. The Superfund excise taxes include two separate but interrelated excise taxes applicable to crude oil and petroleum products, chemicals, and hazardous substances, which fund the Hazardous Substance Superfund for the cleanup of hazardous waste sites and expired more than 25 years ago. of products and services. The tax expired under its terms in the mid-1990s but has now been reinstated. management, More for accounting When the Superfund tax was last applied back in 1995, a taxable substance was required to have 50% of a chemical. 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. In addition to having deep tax technical knowledge surrounding federal excise taxes, Deloitte leverages leading technology tools and processes. First Offshore Wind Energy Lease Sales in the Gulf of Mexico, Telephone and Texting Compliance News: Litigation Update February 2023. 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. The notice also addresses registration requirements to exempt certain sales and uses of taxable chemicals from tax. Does the Supreme Court have the stomach to tackle the super fun SECs Pay vs. 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. Substances. California Law May Limit Hospitals Ability to Adopt The Joint Ankura CTIX FLASH Update - February 28, 2023, Ankura Cyber Threat Investigations and Expert Services. 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 IRS published IRS Notice 2021-66 on December 13, 2021, which included the list of approximately 100 taxable substances previously considered by the IRS in the early 1990s via individual IRS Notices, which will now be subject to the Superfund Excise Taxes (see Exhibit C).18, The tax is imposed on the importer of the taxable substances and becomes due upon the first sale or use after import. A taxable substance is defined as a substance that contains 20% or more by weight or value of any one of the chemicals listed in Section 4661 (down from 50% in the previous iteration of the law). There are several potential issues related to taxpayer liabilities, refund considerations, and other recordkeeping requirements to consider with regards to the Superfund Excise Taxes. 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. 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. (b) Amount of Tax The amount of tax imposed by subsection (a) shall be determined in accordance with the following table: (c) Termination No tax shall be imposed by this section after December 31, 2031. What is the purpose of the Superfund Chemical Excise Taxes? Section 4671 imposes tax on the sales or use of imported "taxable substances" made from those taxable chemicals. The Infrastructure Investment and Jobs Act (IIJA) reinstated the excise taxes imposed on certain chemicals and imported chemical substances under Internal Revenue Code sections 4661 through 4672 beginning July 1, 2022. The applicable rates of tax and related provisions are also modified since the expiration of these taxes in 1995 (Infrastructure Investment and Jobs Act, November 15, 2021). Background Litigation Setback for Employers Under Illinois Biometric Information Senate Committee Holds Hearing on Future of Low Carbon Transportation North Carolina Senate Passes Compassionate Care Act at Exactly 4:20 States and Feds Signal Big Changes to Telehealth Prescribing. The $1.2 trillion infrastructure bill making its way through the Senate contains a $14.55 billion tax hike on American chemical and mineral producers. See how we connect, collaborate, and drive impact across various locations. Sec. Please enable JavaScript to view the site. In Notice 2021-66 the IRS published a list of 100 additional substances subject to the Superfund Tax. It's codified in IRC Sections 4671 and 4672, both of which were added by the Superfund Amendments and Reauthorization Act of 1986. IT and tax departments in particular will need to collect transactional data all along the supply chain, as well any applicable master data. IRS issues Superfund chemical excise tax rates IR-2022-132, June 24, 2022 WASHINGTON The Internal Revenue Service announced today that it has prescribed tax rates for 121 taxable substances that are subject to the Superfund chemical excise tax imposed by section 4671 (a) of the Internal Revenue Code (Code). Taxpayers must meet the guidelines in the Notice to qualify for this relief. Raleigh | Companies are likely to be caught off guard by this reinstated tax. Taxpayers with a quarterly liability greater than $2,500 will be required to make semi-monthly tax deposits of the tax. Boston | Orlando | 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? The Leaking Underground Storage Tank (LUST) Fund adds an additional $0.001/gal federal fee. More for The taxes had previously expired on Dec. 31, 1995, but were reinstated as part of the infrastructure legislation signed by President Biden in November 2021. . It has been almost 30 years since the Superfund excise tax was in effect. 1Investment and Jobs Act, Pub. (added June 24, 2022), Q13. It is important for companies to be aware of the existence of this tax, and to evaluate the chemicals and substances they import, to establish whether they owe any excise taxes. Form 6627 must be led alongside Form 720 on a quarterly basis. Taxable substances are those substances listed in either section 4672(a)(3) of the Code or Notice 2021-66. Nothing in the statute or in Notice 2021-66, for example, references manufactured items in the context of taxable substances. policy, Privacy 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. The legislation would impose an excise tax of fractions of a penny on crude oil and oil products, and between six cents and $14.30 on chemical feedstocks, while it would tax corporate income over $4.7 million at less than 1%. 13I.R.C. The JCT estimated that the proposal would increase revenues by approximately $38.4 billion over a 10-year period. The money gathered from the taxes was used to fund the clean-up of hazardous waste disposal sites across the United States. 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. Yes. Taxable substances are those that contain 20% or more by weight or value of one of the 42 chemicals listed in IRC 4661(b). Therefore, a chemical substance could qualify as a taxable substance if taxable chemicals listed in IRC section 4662 constitute more than 20 percent of the weight (or more than 20 percent of the value) of the materials used to produce such substance.13, The Superfund Excise Taxes are currently set to expire on December 31, 2031, and are expected to generate $14.4 billion of revenue (or approximately $1.2 billion annually).14, IRC section 4661(b) lists 42 chemicals, identified in Exhibit A. Due to the complicated nature of the Superfund Excise Tax and the granularity of the tax rate structure, gaps in existing systems and processes may exist. From 1987 through 1995, an excise tax also applied to the sale by the manufacturer, producer or importer of 42 specified chemicals. This law levies taxes on the manufacture, production, or importation of 42 specific chemicals and another 121 chemical substances. Will the IRS prescribe tax rates for taxable substances? This message will not be visible when page is activated. Effectively tracking necessary data through the supply chain may be a challenge as well. 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. See also section 4661(b) for the tax rate for taxable chemicals. Challenges to the No Surprises Act Continue: The Latest includes a Navigating Permissive State Laws in Light of the Federal Information FDA Publishes List of 2023 Priority Guidance Topics. In addition, most hazardous wastes are produced by these industries or as a result of using products from these industries. 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. Nashville | Deposit payments with the Electronic Federal Tax Payment System (EFTPS). technology solutions for global tax compliance and decision 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. The Superfund Tax rate for chemicals range from $048 per ton for nitric acid to $9.74 per ton for Benzene. services, Comprehensive Environmental Response Compensation, and Liability Act of 1980 (CERCLA). Cherry Bekaert LLP and Cherry Bekaert Advisory LLC practice in an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations and professional standards. 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. Consequently, taxpayers who export taxable chemicals or taxable substances may be eligible for a refund of the tax paid, dependent on agreements with customers as well as their own internal structures. *Note: Self-assessing based on 10% of appraisal value will almost always yield a higher tax rate than either of the other methods. 48839 (Oct. 21, 1983). discount pricing. Excise Tax on Chemical Sales The Superfund excise tax on chemical sales is imposed on 42 listed taxable chemicals on a per-ton basis by taxpayers that manufacture or produce a listed chemical in the United States or import it for consumption, use, or warehousing in the United States. (added June 24, 2022), Q8. 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. 19I.R.C. Who is responsible for reporting and paying Superfund chemical excise taxes? In these cases, the other person would be liable for paying the excise tax, not the initial importer. Providence | 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 Taxable substances are those that contain 20% or more by weight or value of one of the 42 chemicals listed in IRC 4661 (b). It is critical to Update company information systems to collect the transaction and master data needed to comply with the Superfund Tax. What Is the Difference Between a Grandfathered and a Grandmothered Health Plan? 15I.R.C. The excise tax was applied to a list of 42 chemicals used predominantly in the oil, gas, and chemical industries. However, Notice 2022-15, 2022-18 I.R.B. An official website of the United States Government. Effective July 1, 2022, excise taxes are reinstated on certain chemicals and imported chemical substances. media, Press Explore all Social login not available on Microsoft Edge browser at this time. industry questions. 8Id. When expanded it provides a list of search options that will switch the search inputs to match the current selection. 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. Many entities are struggling with its application. Strategies for Protecting Standard Essential Department Of Justice Introduces Voluntary Self-Disclosure Policy For Minnesota Supreme Court Clarifies State Law Standards for Severe or Gold Dome Report Legislative Day 25 (2023). 429 (2021)), effective July 1, 2022, with modifications to the applicable rates of tax and other provisions related to those taxes. accounts, Payment, In fact, companies that export products comprised of taxable chemicals or substances are entitled to a refund if they paid prior to manufacturing. Tampa | Do not delete! Under what circumstances is registration required? (added June 24, 2022), Treasury Inspector General for Tax Administration, IRS issues Superfund Chemical Excise Taxes FAQs. Each chemical has a specified rate of tax, imposed on a per-ton basis, as identified in Exhibit A. A14. What is a taxable chemical? Cherry Bekaert Advisory LLC and its subsidiary entities are not licensed CPA firms. See Section 4671(b)(2). Waters of the United States and Winston Churchill. The law imposes a tax on any taxable chemical sold by the manufacturer, producer, or importer. Deloitte Tax Activity letter G is reinstated for persons making inventory exchanges of taxable chemicals under section 4662(c)(2), or persons selling or buying intermediate . Everyone loves infrastructure, but it pays to read the fine print. 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.The relief applies to the first three quarters of the SCET, i.e., the third and fourth quarters of 2022 and the first quarter of 2023. 22The IRS does not require that the tax be included in the total cost of the product or separately line itemed in an invoice. 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. slunan@deloitte.com, Christina Gong For taxable substances, the importer of the taxable substance is responsible for reporting and paying the section 4671 tax to the IRS. July 1, 2022. A13. The Superfund Amendments and Reauthorization Act of 1986 was enacted as Pub. management, Document Calculating the federal excise tax liability, including taking into account available exemptions. 4671(b). Instead, Section 4671(b) provides that the amount of tax imposed with respect to any taxable substance is equal to the amount of tax that would have been imposed by Section 4661 on the taxable chemicals used as materials in the manufacture of the taxable substance, if such taxable chemicals had been sold in the United States for use in the manufacture or production of the taxable substance. The section 4661 tax is imposed as a rate per ton of a taxable chemical. ffalvo@deloitte.com, Marshal Sulayman 5Id. The term substance, therefore, excluded fabricated products that are molded, formed, woven, or otherwise finished into end-use products. The exemptions identify taxable chemicals that are exempt due to their specific use. It is critical for companies to engage in discussions with their IT departments early to prepare for the new reporting requirements. The U.S. Environmental Protection Agency (EPA) administered the expenditures and used the funds to clean up hazardous waste sites around the United States. The Basics of Californias Outside Salesperson Exemption. The Reinstated Superfund Excise Taxes. Breaking the Link New Developments on U.S. The Infrastructure Investment and Jobs Act, which President Biden signed into law on November 15, 2021, reinstates Superfund excise taxes on the sale and import of certain chemicals as part of the law's revenue raising provisions. 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