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Tampa | It is not clear that that the IRS can offer any more relief to taxpayers than has already been given in Notice 2022-15. 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). Below is the current list of taxable substances. Section 4662(c)(2) provides an additional exemption from tax liability where a company imports a taxable chemical and exchanges that chemical as part of an inventory exchange with another person. The tax law is included in the Infrastructure Investment and Jobs Act that was signed into law on November 15, 2021. The choice of a lawyer or other professional is an important decision and should not be based solely upon advertisements. Aside from this quarterly filing, taxpayers The Superfund Tax that was established over two decades ago and taxed specific chemicals and hazardous substances has been restored after the passing of the Infrastructure Investment and Jobs Act last year. Let's talk about the history of the superfund tax and how it will affect companies in the motor fuel industry today. The Inflation Reduction Act (Pub.L. The Superfund chemical excise taxes previously expired on December 31, 1995. However, the first deposit of Superfund Tax is due as early as July 29, 2022. The Aerojet General Corp. Superfund site covers about 5,900 acres near Rancho Cordova. Notice 2022-15 recognizes the burden on taxpayers, explicitly noting the short time frame between the reinstatement of the Superfund chemical taxes and the due date of the first deposit, the unavailability of the 40.6302(c)-1(b)(2) deposit safe harbor in 2022, the possible difficulties of computing the correct amount of tax during the third calendar quarter of 2022 (which is both the first calendar quarter the taxes are in effect and the look-back quarter for the first calendar quarter of 2023), and the number of new taxpayers owing Superfund chemical taxes that have not previously had to comply with the deposit requirements of section 6302.. A9. Petitions Filed To Add Polyoxymethylene And Polyphenylene Sulfide To List Of Chemical Substances Subject To Superfund Excise Tax: On December 28, 2022, the Taxable substances include substances where taxable chemicals constitute more than 20 percent of the weight (or more than 20 percent of the value) of the materials used to produce such substance (as determined based on the predominant method of production). Substances. Does Your Cyber Insurance Policy Cover a Ransomware Attack? BDOs excise tax professionals can help affected companies by performing a phased approach to determining the impact of the Superfund chemical excise taxes on your business. The Superfund taxes are expected to generate approximately $14.5 billion over a 10-year period. System and Organization Control Reporting (SOC), GDPR General Data Protection Regulation. View Full Firm Disclosure. A taxable substance is any substance that, at the time of sale or use by the importer of the substance, is listed as a taxable substance. You will also have to determine how your company will pass on the tax to your customers. Superfund Chemical Excise Taxes Effective July 1, 2022, excise taxes are reinstated on certain chemicals and imported chemical substances. $150 plus $0.069 per each acre-foot greater than 10 acre-feet. $300 plus $0.085 per each acre-foot greater than 10 acre-feet. A3. There are two ways a substance can be added to or removed from the list of taxable substances pursuant to section 4672(a)(2) and (4). Prior to their expiration in 1995, the Superfund excise taxes were used to fund theHazardous Substance Superfund, established by theComprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA). The National Law Review - National Law Forum LLC 3 Grant Square #141 Hinsdale, IL 60521 Telephone (708) 357-3317 ortollfree(877)357-3317. In these cases, the other person would be liable for paying the excise tax, not the initial importer. Hampton Roads | COPYRIGHT 2023 RKL. The first return, for the calendar quarter ending on September 30, 2022, is due by October 31, 2022. Relief provided for Superfund chemical excise tax semimonthly deposits April 2022 In brief 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 (added June 24, 2022), Q8. See also section 4661(b) for the tax rate for taxable chemicals. Helping tax leaders embrace disruption, seize new opportunities and drive greater value. IRC section 4661(b) lists 42 chemicals that are once again subject to the Superfund Excise Tax effective July 1, 2022. How do I calculate the section 4661 tax? The site is 15 miles east of Sacramento, California. The applicable tax ranges from $.48 to $9.47 per ton. How are substances added to or removed from the list of taxable substances? 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). It has been almost 30 years since the Superfund excise tax was in effect. As part of this Act, superfund excise taxes imposed on chemicals and imported taxable products are set to be reinstated July 1, 2022 through Dec. 31, 2031. Companies are likely to be caught off guard by this reinstated tax. 429, Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA). A10. Taxable substances are those that contain 20% or more by weight or value of one of the 42 chemicals listed in IRC 4661(b). In turn, the tax rate of imported substances was effectively doubled as well. The taxes are effective July 1, 2022. Fast forward to today. In addition, exporters of chemicals and substances which were subject to the Superfund Tax can request a refund of the tax previously paid. This law levies taxes on the manufacture, production, or importation of 42 specific chemicals and another 121 chemical Notice 2021-66 does not specify the tax rate for each taxable substance. We recommend taking the following steps now to determine how this excise tax applies to your company and to help ensure compliance: In addition, it is important to identify your available resources for determining taxability, exemptions, making tax deposits, filing applicable IRS registrations (Form 637, Application for Registration For Certain Excise Tax Activities) and filing quarterly tax returns (Form 720, Quarterly Federal Excise Tax Return, and attachment Form 6627, Environmental Taxes). Semi-monthly deposits are required, however. All rights reserved. All rights reserved. The U.S. Environmental Protection Agency (EPA) administered the expenditures and used the funds to clean up hazardous waste sites around the United States. For taxable substances, the importer of the taxable substance is responsible for reporting and paying the section 4671 tax to the IRS. The Infrastructure Investment and Jobs Act lowered this threshold to 20%. 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. Acetylene Benzene Butane Butylene Butadiene Notice 2022-15 provides temporary relief from the failure-to-deposit tax penalty. Section 4671(a) imposes an excise tax on the sale or use of a taxable substance by the importer of the taxable substance. 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. 4295) on December 22, 2022, that accomplishes three things: (1) eliminates the requirement to affirmatively elect New Jersey S corporation status, while including an opt-out provision; (2) adopts the federal centralized partnership audit regime, with certain modifications; and (3) ends certain COVID-related extensions. Relief provided for Superfund chemical excise tax semimonthly deposits. Corresponding with the IRS, including requests for determination and other guidance. Read about the challenges and opportunities that could lie ahead. See the full preliminary list in Internal Revenue Code 4661, 4671, 4672; Notice 2021-66. (added June 24, 2022), Q6. Aerojet and its subsidiaries have According to the IRS, A taxable chemical is a chemical that is (i) listed in section 4661(b), and (ii) manufactured or produced in the United States or entered into the United States for consumption, use, or warehousing. Below is the current list of taxable chemicals. The site is 15 miles east of Sacramento, California. The Inflation Reduction Act added excise tax on domestic crude oil and imported petroleum products starting on January 1,2023. See the full disclaimer. Learn more about Superfund Excise Tax changes effective July 1, 2022, including key considerations for dealings with the reinstated Superfund Tax on chemicals and substances. The Infrastructure Investment and Jobs Act signed into law November 15, 2021, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. Who should lead the charge? For example, butane and methane are exempt if used in fuel but not if they are used for other purposes. This field is for validation purposes and should be left unchanged. Specifically, taxable substances include the 50 substances on the initial list of taxable substances in Section 4672(a)(3) and 101 taxable substances added by the IRS in December 2021, throughIRS Notice 2021-66. In addition, our guarantee ensures that we will even defend such claims under audit. Tune in to find out more. Among the requirements mentioned (briefly) in Notice 2021-66, SCET taxpayers with a net quarterly liability in excess of $2,500 must make deposits of tax for each semimonthly period in which the tax liability is incurred. In Philadelphia, Economy Struggles to Keep Up with New Influx of First Major Overhaul of Cosmetics Regulation Since FDR Administration, Governor Kathy Hochul Proposes New York State Housing Compact. Aside from this quarterly filing, taxpayers with a quarterly liability of greater than $2,500 will be required to make semi-monthly tax deposits of at least 95 percent of the net tax liability incurred during the tax period (unless a safe harbor Permit & License. Managing Licenses, Careers With world scale integrated manufacturing facilities we are While the final taxable substance list and exact rates have yet to be finalized, costs will be calculated by weight or value of the contained taxable chemical. The Infrastructure Investment and Jobs Act signed into law November 15, 2021, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. 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. The Treasury Department and the IRS (collectively the IRS) have released Notice 2022-15, which provides relief for certain reinstated Superfund chemical excise taxes A2. This Superfund Tax is assessed only on importers of taxable substances and is due upon the first sale or the first use after import into the United States. The term substance, therefore, excluded fabricated products that are molded, formed, woven, or otherwise finished into end-use products. Are you capturing all of them? Some exported chemicals and hazardous substances used in different types of fertilizer, animal feed, and fuel are exempt from the superfund tax. Sign up to receive the latest BDO news and insights. Download list of 42 taxable chemicals and 151 taxable substances. 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. As defined, the taxable substances appear to stop short of what would be defined as an article according to40 C.F.R. For more information on cookies and how we use them, view our Cookie Policy. Home Guidance Article Superfund Excise Taxes on Chemicals and Substances: How to Prepare. The exemptions identify taxable chemicals that are exempt due to their specific use. Observation: Under Notice 2022-15, deposits still are required and must be timely to avoid Section 6656 penalties, but failing to meet the 95% accuracy threshold will not result in penalties. These Superfund tax credits can be taken by either the importer, the manufacturer, or the exporter, depending on the commercial agreements that have been established among those parties. Tech trends in At that time, the application of the tax and the deployment of funds were quite well understood, and the U.S. Internal Revenue Service (IRS) developed a relatively robust series of guidance documents to explain how the tax operated and who was subject to the tax. This would make the first tax deposit covering thefirst half of July 2022due byJuly 29, 2022. (added June 24, 2022), Q11. IRC 4671 imposes the excise tax on the sale or use by an importer of specified taxable substances (as initially identified in IRC 4672(a)(3) and IRS Notice 2021-66). The Superfund Excise Tax on chemical sales is back! Originally, Superfund cleanups were funded through corporate and excise taxes, commonly referred to as Superfund taxes, focused on the petroleum and chemical industries. With Congresss commitment to advanced biofuels found in the 2007 Energy Independence and Security Act, compelling incentives to invest in and support growth of biotechnologies has spurred record production You are responsible for reading, understanding and agreeing to the National Law Review's (NLRs) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. This memorandum explains why. These FAQs detail what the Superfund chemical excise tax is, how the tax is computed, and who may be liable for the tax. The Anti-Money Laundering Act of 2020 Gets a Glow Up: Congress FINRA Files Amendments to Proposed Rule Change That Will Allow Remote Corporate Practice of Medicine Doctrine: Increased Enforcement on the Environmental Justice Update: EPA Announces $100 Million in EJ Grants Insurers Beware of Silent Crypto Exposure: PART III, Silent Crypto Court Rules that Brown Bread is Not Misleading, Whats Next in Washington? The NLR does not wish, nor does it intend, to solicit the business of anyone or to refer anyone to an attorney or other professional. According to the IRS, the tax rates for chemicals and substances depend on several factors. A substance may be removed from the list of taxable substances if the Secretary determines that taxable chemicals constitute 20 percent or less of the weight and 20 percent or less of the value of the materials used to produce the substance (determined on the basis of the predominant method of production). The IRS has release additional information on the Superfund Excise Taxes on Chemicals. $300 plus $0.090 per each acre-foot greater than 10 acre-feet. 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. Los Angeles | Statement in compliance with Texas Rules of Professional Conduct. The calculation of the superfund excise taxes is complex, and accurate reporting data can help companies reduce their tax burden. 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. The Superfund tax is assessed on the manufacturer or importer of these 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 Superfund chemical taxes will be reported on Form 720, Quarterly Federal Excise Tax Return, and Form 6627, Environmental Taxes. Drive maximum value across your supply chain. Part 40regarding filing, deposits, and related procedural issues apply to companies subject to the reinstated Superfund excise taxes. 2022 Global Digital Trust Insights Survey, Application Security and Controls Monitoring Managed Services, Controls Testing and Monitoring Managed Services, Financial Crimes Compliance Managed Services, Virtual Business Office services for healthcare. July 1, 2022. Built by tax professionals for tax professionals. Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities. Inferences, however, can be made from the absence of any mention in the law. Excise taxes are reported on a quarterly basis on IRS Form 720, Quarterly Federal Excise Tax. The money gathered from the taxes 429 (2021)), effective July 1, 2022, with modifications to the applicable rates of tax and other provisions related to those taxes. Charter Brokerage is the only company that will work with the client through the entire process of maximizing your credits. Initially, the Superfund program called for taxes by manufacturers of crude oil and certain chemicals to fund a trust to pay for environmental cleanup activities. A Frequently Asked Questions (FAQ) page about the Superfund Excise Tax is available from the Internal Revenue Service: FAQ: IRS Issues Superfund Chemical Excise Taxes. If you require legal or professional advice, kindly contact an attorney or other suitable professional advisor. Delivering tax services, insights and guidance on US tax policy, tax reform, legislation, registration and tax law. Due to the complicated nature of the tax assessments, and the detailed information required, gaps in existing systems and processes may exist. 117-169), which was signed into law on August 16, 2022, reinstated the Petroleum Superfund Tax at a rate of 16.4 cents per barrel. Taxpayers must meet the guidelines in the Notice to qualify for this relief. For exporters, IRC 4662(e) provides for a refund of the Superfund Tax for both taxable chemicals and taxable substances that are exported. There are two separate Superfund chemical excise taxes: a tax on the sale or use of "taxable chemicals" under section 4661 of the Internal Revenue Code and a tax on the sale or use of imported "taxable substances" under section 4671 (all section references are to the Internal Revenue Code unless otherwise stated). Normally, if a taxpayer deposits less than 95% of its required deposit and is not following the prescribed safe-harbor method, Section 6656 imposes a penalty that reaches its maximum rate of 10% after only 15 days. The money gathered from the taxes was used to fund the clean-up of hazardous waste disposal sites across the United States. Even companies that have been on the market for decades may not have many employees who were around when the previous excise tax applied. The revenues are intended to help pay for the approximately $550 billion in new spending on infrastructure that is part of the 2021 Infrastructure Investment and Jobs Act. Explore available tools within IT systems/databases to collect data needed to comply with reporting requirements. Chicago | 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). Substances are generally determined to be taxable if more than 20% of the weight or value of the materials used to produce the substance are taxable chemicals identified in IRC 4661. Under what circumstances is registration required? As a result, Notice 2022-15 provides that SCET taxpayers will be deemed to have satisfied the reasonable cause standard and no Section 6656 penalty will be imposed if (1) the taxpayer makes semimonthly deposits of SCET, even if in the incorrect amount, and (2) any deposit underpayment is paid in full by the due date for filing the Form 720, Quarterly Federal Excise Tax Return, for the applicable quarter. Biobased chemicals and biofuels have taken root thanks to both popular appeal and political support. $225 plus $0.073 per each acre-foot greater than 10 acre-feet. The National Law Review is a free to use, no-log in database of legal and business articles. 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. published tax rates for 121 of the 151 taxable substances. Kti Chemicals Inc is a superfund site located at 1170 Sonora Ct, Sunnyvale, CA 94086. All rights reserved. This legislation provided a federal Superfund to clean up hazardous-waste sites and accidents, spills, or other emergency releases of pollutants and contaminants into the environment. Part II of Form 6627, Environmental Taxes, will be updated to reflect the tax rate per ton of each taxable chemical. Any manufacturer, producer, or importer of a taxable chemical is subject to the superfund excise tax. Section 704.3. AllRightsReserved. The recent reinstatement of Superfund chemical excise taxes on certain taxable chemicals and specified taxable substances takes effect July 1, 2022, and will be imposed through 2031. In order to pay for the provisions in The Infrastructure Investment and Jobs Act (also referred to as the Bipartisan Infrastructure Bill), Superfund was reinstated with double the tax rate on chemicals and a vast expansion of substances. The relevance of this guidance to the new tax is unclear. In response to pointed public comment, on April 15, 2022, the IRS released an advance version ofNotice 2022-15, providing relief for thethirdandfourth calendar quarters of 2022, and the first calendar quarter of2023, regarding the failure to deposit penalties imposed bySection 6656of the Tax Code, as those penalties relate to the Superfund excise taxes. 429. Manufacturers, producers or importers that sell or use any of these chemicals must pay a tax of $0.22 to $4.87 per ton, depending on the chemical. Nursing Homes Brace for Reforms and Heightened Government Scrutiny. Under certain state laws the following statements may be required on this website and we have included them in order to be in full compliance with these rules. The Environmental Protection Agency (EPA) identifies sites such as Kti Chemicals Inc because Please see links for details: Learn more about Superfund Excise Tax changes effective July 1, 2022, including key considerations for dealings with the reinstated Superfund Tax on chemicals and substances. How are the Superfund chemical excise taxes reported? document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This website uses cookies. For taxable substances by October 31, 1995 for chemicals and imported chemical substances can be made from the of. Is back IRS has release additional information on the tax rate per ton of each chemical! Any mention in the motor fuel industry today Rancho Cordova Reduction Act added excise tax stop short what! Of legal and business articles, 4671, 4672 ; Notice 2021-66 how are substances added or... 'S talk about the history of the taxable substances, the taxable appear! 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