services, Comprehensive Environmental Response Compensation, and Liability Act of 1980 (CERCLA). It states that it was Congress intent that taxable substances only include chemicals that are intended for further chemical conversion. This tax provided a federal fund to remediate toxic spill sites when a responsible party could not be identified. Austin | The excise tax was applied to a list of 42 chemicals used predominantly in the oil, gas, and chemical industries. 6Id. Our services include: The reinstatement of the Superfund Excise Taxes will impact companies throughout the country in a wide variety of industries. Raleigh | Part of the Tax News & Views podcast series. In brief. A Superfund excise tax on chemicals has been signed into law and went into effect on July 1, 2022. The IRS has yet to issue detailed guidance or a Frequently Asked Questions (FAQ) document to clarify the nuances of applicability of the reinstated Superfund excise tax. Alternatively, a taxpayer may base the rate for taxable substances on 10% of the value of the import.20. 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. They're expected to generate $14.4 billion of revenue in total, or about $1.2 billion annually, the report said. Arizona Gets to Keep Its State-Operated Workplace Safety and Health Manufacturers Legal Considerations for Staffing Reductions, PCAOB Enforcement Activity Up Sharply in 2022. Corporate When is the first return due? governments, Business valuation & shipping, and returns, Cookie 23I.R.C. Prior to 1996, the rates of tax on those chemicals ranged from $0.22 per ton to $4.87 per ton. Superfund Chemical Excise Taxes Effective July 1, 2022, excise taxes are reinstated on certain chemicals and imported chemical substances. Tampa | on chemicals through 31 December 2031 at double the 1995 rates, when superfund taxes were last implemented. Hydrocarbon streams containing mixtures of organic taxable chemicals. How do you calculate the Superfund Excise Tax? For purposes of this part, if any organic taxable chemical on which no tax was imposed by reason of subparagraph (A) is isolated, extracted, or otherwise removed from, or ceases to be part of, an intermediate . | Privacy Policy Semi-monthly deposits are required, however. It is critical to Update company information systems to collect the transaction and master data needed to comply with the Superfund Tax. Taxable substances are those substances listed in either section 4672(a)(3) of the Code or Notice 2021-66. Washington DC |, Copyright 2023 Cherry Bekaert. Words With Friends, Part 1: Insurance Requirements and Contracts, Legislator Proposes To Expand CFL To Encompass "Commercial CERCLA PFAS Scope May Broaden To Many More PFAS, AI Avatar App is the Latest Target of BIPA Class Action Litigation. Section 4661 imposes a per-ton tax, ranging from $0.44 to $9.74 per ton on the following 42 chemicals: Each chemical has a specified rate of tax, imposed on a per-ton basis, as identified in Exhibit A. On November 15, 2021, President Biden signed into law the Infrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. The term " Superfund " refers to chemical excise taxes imposed by the IRS on certain domestically produced and imported chemicals, and imported substances. As reinstated, the Superfund excise tax will apply to a list of taxable chemicals and taxable substances, as ofJuly 1, 2022,throughDecember 31, 2031, if not extended. A14. DeloitteTax 11Infrastructure Investment and Jobs Act, Pub. Expanded Employee Retention Credit (ERC) & how our professionals can assist you. US Executive Branch Update February 28, 2023. California Assembly Bill Pushes for Womens Designated Restrooms on Mississippi Legislature Takes Up Pass-Through Entity Election FTC Signals Increased Scrutiny of Technology Sector Through Understanding the Corporate Transparency Act and Ensuring Compliance. Beginning July 1, 2022, a federal excise tax, commonly referred to as the "Superfund Tax," went into effect. The Superfund tax is assessed on the manufacturer or importer of these chemicals. 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. releases, Your IT and tax departments in particular will need to collect transactional data all along the supply chain, as well any applicable master data. The Superfund tax is assessed on the manufacturer or importer of these chemicals. 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. Companies with a large volume of transactions should consider automating their tax calculation and reporting processes to increase efficiency and accuracy. Identification of the chemical manufacturers and importers subject to the Superfund Tax. The Treasury Department and the IRS (collectively the IRS) have released Notice 2022-15, which provides relief for certain reinstated Superfund chemical excise taxes (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. 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. 4671. How do I calculate the section 4671 tax? The notice also addresses registration requirements to exempt certain sales and uses of taxable chemicals from tax. (added June 24, 2022), Q13. The "Superfund Tax" is comprised of two separate taxesone covering the sale or use of taxable chemicals "by the manufacturer, producer, or importer thereof" pursuant to 26 U.S.C. The latest reiteration of the excise tax will be comprised of two separate taxes on (1) chemical sales and (2) chemical importers. California Law May Limit Hospitals Ability to Adopt The Joint Ankura CTIX FLASH Update - February 28, 2023, Ankura Cyber Threat Investigations and Expert Services. 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. Your online resource to get answers to your product and 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. 22The IRS does not require that the tax be included in the total cost of the product or separately line itemed in an invoice. (added June 24, 2022), Q6. 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. 4671(b)(2). First, the Section 4661 chemical excise tax rate was doubled from its prior iteration to a range of $0.44 per ton up to $9.74, depending on how a chemical (from a list of 42) is sold or used. 3S. 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. The Superfund chemical excise taxes are reported on Form 6627, Environmental Taxes, which is attached to Form 720, Quarterly Federal Excise Tax Return. These FAQs are being issued to provide general information to taxpayers and tax professionals as expeditiously as possible. Deloitte Tax Assisting with development and implementation of technology solutions to enable identification of taxable chemicals and substances, as well as exemptions. How are the Superfund chemical excise taxes reported? Comprehensive EPA Announces Availability Of Environmental Justice Thriving Energy & Sustainability M&A Activity February 2023, OSHA Implements Pilot Program to Streamline Complaint Intake Process. Charlotte | GT's The Performance Review Episode 19: Is the Fight Over AB 51 5 Reasons Community Associations Need an Attorney That Specializes in New York Proposes Regulatory Review and Approval of Material Health CMS Issues Long-Awaiting Medicare Advantage RADV Final Rule, Preventing the Use of Cryptocurrencies to Evade Sanctions. As defined, the taxable substances appear to stop short of what would be defined as an article according to40 C.F.R. EC Appeals European General Court Decision Annulling the Harmonized Weekly Bankruptcy Alert February 28, 2023. 2022 Superfund excise taxes. Does the Supreme Court have the stomach to tackle the super fun SECs Pay vs. There are two separate Superfund chemical excise taxes: a tax imposed on the sale or use by the manufacturer or importer of "taxable chemicals" listed in section 4661, and a tax on the sale or use by the importer of "taxable substances" listed in section 4672 and IRS Notice 2021-66. 429 (2021)), effective July 1, 2022, with modifications to the applicable rates of tax and other provisions related to those taxes. The proposal would essentially create a new excise tax on the manufacture, production, or importation of 42 chemicals. The return of the chemical excise tax affects taxpayers that manufacture, produce, or import certain chemicals, as Superfund Chemical Taxes are imposed on the sale of 42 specific chemicals (Taxable Chemicals) listed in 4661 (Chemical Sales Excise Tax), including ammonia, butane, benzene, mercury, and other common chemicals. 4672(a)(2)(B)(2021). The Treasury Department and the IRS (collectively the IRS) have released Notice 2021-66, providing guidance on the reinstatement of the Superfund chemical excise taxes (SCET) under the Infrastructure Investment and Jobs Act (sometimes referred to as the Bipartisan Infrastructure Bill, or IIJA) enacted on November 15. For exporters, IRC 4662(e) provides for a refund of the Superfund Tax for both taxable chemicals and taxable substances that are exported. In addition to having deep tax technical knowledge surrounding federal excise taxes, Deloitte leverages leading technology tools and processes. 9See I.R.C. 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? No attorney-client or confidential relationship is formed by the transmission of information between you and the National Law Review website or any of the law firms, attorneys or other professionals or organizations who include content on the National Law Review website. Importers Tax Partner Specifically, sections 4661(a) and 4662(c)(1) impose an excise tax on the sale or use of a taxable chemical by the manufacturer, producer, or importer of the taxable chemical. Notice 2021-66 suspended the procedure in Notice 89-61 because the IRS plans to issue a more current guidance on this matter. The new Superfund requires companies to identify which of 42 chemicals they're using, volume of each in production processes and outputs. Substances. Certain services may not be available to attest clients under the rules and regulations of public accounting. A13. Similarly, if an FAQ turns out to be an inaccurate statement of the law as applied to a particular taxpayer's case, the law will control the taxpayer's tax liability. To stay logged in, change your functional cookie settings. The list of 42 chemicals and their respective excise tax rates is found in Internal Revenue Code (IRC) 4661(b). See section 4671(b)(3). Cherry Bekaert is the brand name under which Cherry Bekaert LLP and Cherry Bekaert Advisory LLC provide professional services. A9. A1. The initial list of 50 taxable substances is found in IRC 4672(a)(3). 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. 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. Analyzing Superfund Excise Tax calculations and reporting requirements based on a companys unique business scenario. Substances may be added or removed from the list of taxable substances at a later date. 13I.R.C. They're expected to generate $14.4 billion of revenue in total, or about $1.2 billion annually, the report said. See 40.0-1(c) and 40.6302(c)-1 of the Excise Tax Procedural Regulations. Temporary relief from the penalty for failure to deposit Superfund chemical taxes for 2022 (third and fourth calendar quarters) and the first calendar quarter of 2023 is inNotice 2022-15. The Final CCPA Regulations: What You Need To Know, Are College Athletes Students or Employees? 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 Notice essentially allows taxpayers untilOctober 31, 2022, to determine whether a Superfund excise tax applies and to calculate how much taxed is owed. on a wide range of chemicals and substances. The choice of a lawyer or other professional is an important decision and should not be based solely upon advertisements. The first return, for the calendar quarter ending on September 30, 2022, is due by October 31, 2022. 18I.R.S. 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). 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. 8Id. The Superfund chemical excise taxes previously expired on December 31, 1995. Cherry Bekaert Advisory LLC and its subsidiary entities are not licensed CPA firms. The Carter administration established the Superfund in 1980 to offset the high price tags associated with remediating uncontrolled or abandoned hazardous waste sites. The Superfund tax rate will now be adjusted annually to . No. This would be for the periodJuly 1-September 30, 2022. Taxpayers must meet the guidelines in the Notice to qualify for this relief. The Revenue Reconciliation Act of 1990 further extended the Superfund Excise Taxes through December 31, 1995, after which point the Superfund Excise Taxes expired. management, More for accounting 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. Explore Deloitte University like never before through a cinematic movie trailer and films of popular locations throughout Deloitte University. 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. 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). Hampton Roads | Try our solution finder tool for a tailored set Pending further guidance, the previously published tax rates, adjusted for the IIJA increases, and the examples outlined in Notice 89-61 could be helpful in calculating the tax on taxable substances and the potential tax exposure if a substance is subsequently added to the list. The U.S. Environmental Protection Agency (EPA) administered the expenditures and used the funds to clean up hazardous waste sites around the United States. IRS issues Superfund Chemical Excise Taxes FAQs FS-2022-31, June 2022 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 inaugural reporting for companies required to report Superfund excise taxes is on their third-quarter 2022 Form 720, due to be submitted byOctober 21, 2022. management, Document Exporters Accordingly, a manufacturer, producer, or importer of a taxable chemical is subject to the section 4661 tax on the sale or use of the taxable chemical on or after July 1, 2022. This Week in 340B: February 21 27, 2023. A Superfund excise tax on chemicals has been signed into law and went into effect on July 1, 2022. Yes. Some highlights on the petroleum products tax are as follows: Imposition of the Tax Form 6627, Environmental Taxes, previously used to report the Superfund Tax, will likely be used again to report the tax owed. 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. 3. The unique considerations of butane and methane require taxpayers further down the supply chain to be aware of the procedural issues affecting chemicals. To apply to participate in tax-free sales of intermediate hydrocarbon streams containing organic taxable chemicals or tax-free inventory exchanges of taxable chemicals, file Form 637, Application for Registration (For Certain Excise Tax Activities) with activity letter G. 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