superfund excise taxes on chemicalssuperfund excise taxes on chemicals

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. The relevance of this guidance to the new tax is unclear. 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. 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 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. 13I.R.C. The Leaking Underground Storage Tank (LUST) Fund adds an additional $0.001/gal federal fee. The Notice essentially allows taxpayers untilOctober 31, 2022, to determine whether a Superfund excise tax applies and to calculate how much taxed is owed. See section 4671(b)(3). A Superfund excise tax on chemicals has been signed into law and went into effect on July 1, 2022. Expanded Employee Retention Credit (ERC) & how our professionals can assist you. 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. It has been almost 30 years since the Superfund excise tax was in effect. How are the Superfund chemical excise taxes reported? A third excise tax on crude oil and petroleum products was reinstated in the Inflation Reduction Act . Under the rules, a late fee of 5% may be applied on the amount due for each month the form remains delinquent up to a total penalty of 25%. In brief. How do you calculate the Superfund Excise Tax? See Section 4671(b)(2). July 1, 2022. 23I.R.C. management, More for accounting The Superfund Excise Tax will go back into effect on July 1 st, 2022, after not being in place for over 26 years. Some highlights on the petroleum products tax are as follows: Imposition of the Tax and services for tax and accounting professionals. 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. (All oil and almost all hazardous substances are products of the oil industry, chemical and allied industries, and heavy metals industries. A4. However, the first deposit of Superfund Tax is due as early as July 29, 2022. 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The Superfund Excise Taxes will be reported on a quarterly basis on IRS Form 720, Quarterly Federal Excise Tax. L. 99-499, approved Oct. 17, 1986. The rate of excise tax per ton is based on the amount of each chemical included in the substance. *Note: Self-assessing based on 10% of appraisal value will almost always yield a higher tax rate than either of the other methods. of products and services. 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. (added June 24, 2022), Q2. 16I.R.C. 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 Amendments. Notice 2021-66 does not specify the tax rate for each taxable substance. 4672(b)(1). There are three ways to arrive at a tax determination for the Superfund Tax: 2. A Superfund excise tax on chemicals has been signed into law and went into effect on July 1, 2022. The 2022 law revived a tax that previously expired in 1995, the Hazardous Substance Superfund tax rate. 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). Deloitte Tax The Superfund is a federal excise tax on various hazardous chemicals. Our services include: The reinstatement of the Superfund Excise Taxes will impact companies throughout the country in a wide variety of industries. A semimonthly period is the first fifteen (15) days of a calendar month or the portion of a calendar month following the 15th day of the month. Hydrocarbon streams containing mixtures of organic taxable chemicals. For example, if load of scrap metal contains 50% nickel (taxed at $8.90 per ton) and 20% chromite (taxed at $3.04 per ton), the tax rate would be calculated as: ($8.90 x .50 = $4.45) + ($3.04 x .20 = .61) = $5.06 per ton. Deposit payments with the Electronic Federal Tax Payment System (EFTPS). The Petroleum Superfund Tax is proposed to be indexed for inflation beginning in calendar year 2023. Applicants for registration may call 859-320-4091 and select menu option #1. The term "ton" is. California Law May Limit Hospitals Ability to Adopt The Joint Ankura CTIX FLASH Update - February 28, 2023, Ankura Cyber Threat Investigations and Expert Services. Its also important to understand the tax calculation and reporting requirements and to align with other business functions to implement a process to meet data, process, and system requirements. Charlotte | A cloud-based tax Licenses for Exports to Are You Ready for the UPC? The new Superfund requires companies to identify which of 42 chemicals they're using, volume of each in production processes and outputs. The Hazardous Substance Superfund financing rate was an excise tax of 9.7 cents per barrel of crude oil that applied from 1987 through 1995. . Among the many provisions in that legislation . 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. (added June 24, 2022), Q7. Earlier Superfund excise taxes were 9.7 cents per barrel of crude oil or refined oil products, and a variety of excise taxes, ranging from $0.22 to $4.87 per ton on some 42 chemicals and metal compounds. See Terms of Use for more information. Each chemical has a specified rate of tax, imposed on a per-ton basis, as identified in Exhibit A. 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. 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. Alternatively, a taxpayer may base the rate for taxable substances on 10% of the value of the import.20. Companies with large volumes of transactions should consider automating their tax calculation and reporting processes. Some deposit amount is still required by July 29 to satisfy the relief provisions set out in Notice 2022-15. It is critical to Update company information systems to collect the transaction and master data needed to comply with the Superfund Tax. management, Document Reg. 1Investment and Jobs Act, Pub. 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 first return, for the. Exporters 52.4661-1 4662-4, 48 Fed. Corporate Taxpayers must meet the guidelines in the Notice to qualify for this relief. A5. 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 Will the IRS prescribe tax rates for taxable substances? All Rights Reserved. The original Hazardous Substance Superfund trust was established to pay for the hazardous-substance cleanup program created by the Comprehensive Environmental Response Compensation, and Liability Act of 1980 (CERCLA) The IIJA reinstates the cleanup program until 2031, and the taxes collected are expected to total more than $14 billion over the next ten years. When enacted, the Superfund was financed by environmental excise taxes on certain commonly used chemicals often found at Superfund sites. Now, according to Section 4661, the tax rate for chemicals ranges from $0.44 to $9.74 per ton, depending on how the chemical is being sold, used, or stored. Are there any available exemptions for the Superfund Chemical Excise Taxes? The chemicals selected to be subject to the fee were based on two categories: petrochemical feedstocks and inorganic raw materials. 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. On November 15, 2021, President Biden signed into law theInfrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. When people refer to Superfund taxes, they're generally referring to excise taxes that are imposed on taxable chemicals listed under section 4661 and then taxable substances that are. Taxable substances are defined inSection 4672as any substance that, at the time of sale or use by the importer, is listed as a taxable substance. | 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. These taxes have not been in effect since 1995, so companies that havent had to deal with them for the past 27 years are now scrambling to understand the complexities and requirements of this new iteration of the law. Taxpayers may petition the IRS to determine whether a substance falls within the taxable substances list. Atlanta | Creditor Stung By Academy Of Motion Picture Arts And Sciences Bylaws. 4671. The IIJA also reinstated the Superfund excise tax on the import for sale or use of any taxable substance underSection 4671of the Tax Code. chrigong@deloitte.com. See also section 4661(b) for the tax rate for taxable chemicals. The Revenue Reconciliation Act of 1990 further extended the Superfund Excise Taxes through December 31, 1995, after which point the Superfund Excise Taxes expired. These FAQs detail what the Superfund chemical excise tax is, how the tax is computed, and who may be liable for the tax. 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. Assisting with development and implementation of technology solutions to enable identification of taxable chemicals and substances, as well as exemptions. The Superfund chemical excise taxes are reported on Form 6627, Environmental Taxes, which is attached to Form 720, Quarterly Federal Excise Tax Return. They're expected to generate $14.4 billion of revenue in total, or about $1.2 billion annually, the report said. Section 80201 of the IIJA reinstates the Superfund excise tax on certain chemical substances under Sections4661and4671of the Internal Revenue Code (Tax Code), effectiveJuly 1, 2022. 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. 4662(b)(1). When the Superfund tax was last applied back in 1995, a taxable substance was required to have 50% of a chemical. 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. Please enable JavaScript to view the site. 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. 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. 6Id. msulayman@deloitte.com, Stephane Lunan Performance Rule Requires Disclosure of Relationship Tech Takeaways: SCOTUS Weighs in on Pivotal Tech Cases. This box/component contains JavaScript that is needed on this page. Sitemap 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. 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 applicable tax for a hazardous substance depends on its chemical composition. Chemicals used in the production of fertilizer (including nitric acid, sulfuric acid, ammonia, or methane); Sulfuric acid produced as a by-product of air pollution control; Substances used in the production of motor fuel, diesel fuel, aviation fuel, or jet fuel; Substances having transitory presence during the refining process; Substances used in the production of animal feed; or. These FAQs are being issued to provide general information to taxpayers and tax professionals as expeditiously as possible. 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. A13. Under what circumstances is registration required? Yes. 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. The IRS is expected to issue guidance prior to theJuly 1, 2022, effective date of the Superfund excise taxes. An exporter who did not pay the initial assessment of the Superfund Tax may still be entitled to the refund if certain condition are met. The tax directly . 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 . As soon as possible, companies that import any of the taxable chemicals or substances on the IRSs list need to conduct a thorough assessment of their manufacturing processes to find out when, where, and how the Superfund Chemical Excise Tax might apply. When are the new Superfund Chemical Excise taxes due? In addition to having deep tax technical knowledge surrounding federal excise taxes, Deloitte leverages leading technology tools and processes. Accordingly, these FAQs may not address any particular taxpayer's specific facts and circumstances, and they may be updated or modified upon further review. First Offshore Wind Energy Lease Sales in the Gulf of Mexico, Telephone and Texting Compliance News: Litigation Update February 2023. 15I.R.C. Deloitte Tax This law levies taxes on the manufacture, production, or importation of 42 specific chemicals and another 121 chemical substances. research, news, insight, productivity tools, and more. releases, Your 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. Cherry Bekaert LLP is a licensed independent CPA firm that provides attest services to its clients, and Cherry Bekaert Advisory LLC and its subsidiary entities provide tax and business advisory services to their clients. Even companies that have been on the market for decades may not have many employees who were around when the previous excise tax applied. Biobased chemicals and biofuels have taken root thanks to both popular appeal and political support. The taxes, which should go in effect on 1 July 2022, are estimated to raise approximately $14.45bn over a 10-year period 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. The excise taxes are effective July 1, 2022. DTTL and each of its member firms are legally separate and independent entities. The tax would apply after December 31, 2021, until January 1, 2032. If you would ike to contact us via email please click here. (added June 24, 2022), Q6. A10. slunan@deloitte.com, Christina Gong 3S. 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. (added June 24, 2022), Q10. For instance, necessary data elements may not be available to properly identify the taxable chemicals and components. Yes. 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. Page Last Reviewed or Updated: 04-Jan-2023, Request for Taxpayer Identification Number (TIN) and Certification, Employers engaged in a trade or business who pay compensation, Electronic Federal Tax Payment System (EFTPS), Self-Employment Tax (Social Security and Medicare Taxes), Form 720, Quarterly Federal Excise Tax Return, Form 637, Application for Registration (For Certain Excise Tax Activities), Treasury Inspector General for Tax Administration. US Executive Branch Update February 28, 2023. Back in 1995, a taxpayer may base the rate of tax, imposed on superfund excise taxes on chemicals quarterly basis IRS! 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