Form 6627, Environmental Taxes, previously used to report the Superfund Tax, will likely be used again to report the tax owed. The taxes apply only to imported chemicals or substances, not those for export. See section 4671(b)(1). and services for tax and accounting professionals. 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. First Offshore Wind Energy Lease Sales in the Gulf of Mexico, Telephone and Texting Compliance News: Litigation Update February 2023. 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. 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%. Cherry Bekaert Advisory LLC and its subsidiary entities are not licensed CPA firms. How do you calculate the Superfund Excise Tax? What happens if an importer does not calculate the section 4671 tax? Abusive Arbitrage Devices Its Time to Get Reacquainted (Episode 2 B&C Biobased and Sustainable Chemicals Practice Group Bergeson & Campbell, P.C. Notice 2022-15 provides temporary relief from the failure-to-deposit tax penalty. 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. 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). Heres how to analyze the implications and plan now for the revitalized Superfund Excise Tax. 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. Amendments. Labor Board Flip-Flops Again on Severance FRB Governor Bowman Speaks on Bank Regulation and Supervision. Exporters
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 . 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. *Note: Self-assessing based on 10% of appraisal value will almost always yield a higher tax rate than either of the other methods. 1Investment and Jobs Act, Pub. 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. During 1979 Senate discussions, it was estimated that expenditures for hazardous waste disposal sites related to chemicals would be $200 million (versus $40 million for sites related to crude oil).3 During this congressional hearing, it was determined that the proposed system of fees would cover: (1) crude oil; (2) petrochemical feedstocks; and (3) certain highly toxic and/or high-volume inorganic materials including heavy metals, halogens, acids, bases, and ammonia.4. 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. 3684 (Aug. 2, 2021). Updated procedural guidance on how to request the determination has not yet been published by the IRS as of the date of this article. The original excise tax expired on December 31, 1995. consulting, Infrastructure Investment and Jobs Act (IIJA), passed last November, the Internal Revenue Service (IRS) has reinstated the. Who is responsible for reporting and paying Superfund chemical excise taxes? accounting, Firm & workflow 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. Each chemical has a specified rate of tax, imposed on a per-ton basis, as identified in Exhibit A. In addition to the reinstatement of the federal superfund excise tax on chemicals and substances that went into effect on July 1, 2022, the Hazardous Substance Superfund excise tax went into effect on January 1, 2023 as part of the Inflation Reduction Act of 2022. When expanded it provides a list of search options that will switch the search inputs to match the current selection. accounts, Payment, 15I.R.C. Deloittte Tax
and accounting software suite that offers real-time 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), Fact Sheets for Frequently Asked Questions, Q1. Frequently Asked Questions: Superfund Chemical Excise Taxes. The rationale for the fee collection point was so that the fee would be equally distributed among all hazardous waste generators and suppliers.6. 8Id. The exemptions identify taxable chemicals that are exempt due to their specific use. For taxable substances, the importer of the taxable substance is responsible for reporting and paying the section 4671 tax to the IRS. research, news, insight, productivity tools, and more. The Superfund excise taxes are set to expire at the end of 2031. Taxpayers may petition the IRS to determine whether a substance falls within the taxable substances list. Complete Analysis of the Tax Cuts and Jobs Act, The future of Indirect Tax (IDT): How to take charge of change, How to overcome the most common challenges of tax engine implementation, The Tax Technology Transformation: Getting Started. Chemicals. These taxes were in place until 1995 to fund the Federal Hazardous Substance Superfund, but expired in 1995. 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. 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). 6Id. Notice 2021-66 does not specify the tax rate for each taxable substance. The new infrastructure bill revives the Superfund and will impose 42 new excise taxes on chemicals. 12I.R.S. Washington DC |, Copyright 2023 Cherry Bekaert. Charlotte | Expanded Employee Retention Credit (ERC) & how our professionals can assist you. They're expected to generate $14.4 billion of revenue in total, or about $1.2 billion annually, the report said. 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. Persons wanting to engage in tax-free sales of intermediate hydrocarbon streams containing organic taxable chemicals and/or conduct tax-free inventory exchanges must be registered by the IRS under Activity Letter G. Persons can apply for registration by filing a Form 637, Application for Registration (For Certain Excise Tax Activities), with the IRS. Is there a way to check the status of an application for Activity Letter G registration? Raleigh | DTTL and each of its member firms are legally separate and independent entities. : Advanced Marketing Compels Trial on Arbitration in a TCPA Health Plans Gag Clause Attestations Due December 31, 2023. See 40.0-1(c) and 40.6302(c)-1 of the Excise Tax Procedural Regulations. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. on a wide range of chemicals and substances. The Superfund Excise Tax is not permanent and . management, Document Austin | The Infrastructure Bill reinstated the Superfund Excise Taxes on chemicals and taxable substances, effective July 1, 2022.11 In addition to the reinstatement of the taxes, the Infrastructure Bill doubled the prior rate of tax on the 42 listed chemicals. The Superfund chemical excise taxes are reported on Form 6627, Environmental Taxes, which is attached to Form 720, Quarterly Federal Excise Tax Return. 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). Assisting with filing refund claims and reporting requirements around exemption certificates. The Treasury Department and the IRS reportedly intend to update Notice 89-61 to reflect the changes made to Section 4672(a)(2) by the IIJA and to make other changes that may be necessary. ADVANCED! Orlando | Assisting with filing the federal excise tax returns and semi-monthly deposit reporting. Heard on: Revenue from a new excise tax on chemicals like Benzene and Mercury would go . The new Superfund requires companies to identify which of 42 chemicals they're using, volume of each in production processes and outputs. 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). Semi-monthly deposits are required, however. 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. In November 2021, President Biden signed the Infrastructure Investment and Jobs Act. 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. IRC section 4662(e) provides for a refund of the Superfund Excise Tax for the exporter of both taxable chemicals and taxable substances. 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. Section 40.6302(c)-1(b)(2), for failure to make required deposits of Superfund excise taxes if the requirements set out in the Notice are met. While the majority of the 42 listed chemicals are taxable by the manufacturer or importer upon the first sale or use, butane and methane only become taxable upon the first use other than as a fuel.23 This creates a potential liability for downstream product sales such that the first company that uses the methane or butane in a manner other than as a fuel will have to report and remit the Superfund Excise Tax. 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). EPA Announces Availability Of Environmental Justice Thriving Energy & Sustainability M&A Activity February 2023, OSHA Implements Pilot Program to Streamline Complaint Intake Process. This direct tax hike on American producers would result in higher prices for consumers, threaten thousands of jobs, and undermine domestic . slunan@deloitte.com, Christina Gong
16I.R.C. The Superfund excise taxes are part of Subtitle D, Chapter 38 of the Tax Code. Customer Reviews: Five-Star Enforcement and the Expanding Regulations. 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). As part of the recently unveiled infrastructure deal, the Biden administration announced plans to reinstate the Superfund taxes on chemical manufacturers in the United States. Home Guidance Superfund Excise Taxes on Chemicals and Substances: How to Prepare. Applicants for registration may call 859-320-4091 and select menu option #1. 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. Integrated software During the first, second, and third calendar quarters of2023, the IRS will not withdraw a taxpayers right to use the deposit safe harbor rules of the Excise Tax Procedural Regulations at 26 C.F.R. _____________________________________________________________________________________________. 17Prop. Notice 2021-66 suspended the procedure in Notice 89-61 because the IRS plans to issue a more current guidance on this matter. When are the new Superfund Chemical Excise taxes due? 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. Form 6627 must be filed alongside Form 720 on a quarterly basis. A9. Companies with a large volume of transactions should consider automating their tax calculation and reporting processes to increase efficiency and accuracy. Consider the action items above, particularly the last one, making sure the information systems are in place to capture the data needed to comply with this tax. 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. 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. 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. 9601-9675 (2021). 18I.R.S. IT and tax departments in particular will need to collect transactional data all along the supply chain, as well any applicable master data. Tax is due upon the first use or first sale of a listed chemical in the United States. Activity letter G is reinstated for persons making inventory exchanges of taxable chemicals under section 4662(c)(2), or persons selling or buying intermediate . 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. Under what circumstances is registration required? 4661 imposes tax on the sale or use by the manufacturer, producer, or importer of 42 listed chemicals. 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. corporations. The excise tax applies to companies that manufacture, produce, or import any of the 42 specific chemicals listed in Section 4661 of the Tax Code, most of them common in consumer products,. DTTL (also referred to as "Deloitte Global") does not provide services to clients. 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. 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 . Statement in compliance with Texas Rules of Professional Conduct. Reg. There are three ways to arrive at a tax determination for the Superfund Tax: 2. 2Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA), Pub. 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. Part II of Form 6627, Environmental Taxes, will be updated to reflect the tax rate per ton of each taxable chemical. Tax Partner
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. Background The Superfund tax rate will now be adjusted annually to . Procedures to request an IRS determination to add or remove a substance from the list of taxable substances under Internal Revenue Code Section 4672(a) are in Revenue Procedure 2022-26PDF. Augusta | July 1 is fast approaching and the window to prepare for compliance with the reinstated Superfund Tax is brief. From 1987 through 1995, an excise tax also applied to the sale by the manufacturer, producer or importer of 42 specified chemicals. See Terms of Use for more information. Strictly Confidential? To stay logged in, change your functional cookie settings. The Leaking Underground Storage Tank (LUST) Fund adds an additional $0.001/gal federal fee. services, Comprehensive Environmental Response Compensation, and Liability Act of 1980 (CERCLA). | Careers It is critical for companies to engage in discussions with their IT departments early to prepare for the new reporting requirements. Any legal analysis, legislative updates or other content and links should not be construed as legal or professional advice or a substitute for such advice. NLR does not answer legal questions nor will we refer you to an attorney or other professional if you request such information from us. Your online resource to get answers to your product and 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. The money gathered from the taxes was used to fund the clean-up of hazardous waste disposal sites across the United States. Superfund tax on chemicals. Tax Senior Manager
4662(e). If you would ike to contact us via email please click here. A10. This assessment should include a review of the transaction life cycle, master data setup, cost computation and recognition, and general entry posting. The applicable tax for a hazardous substance depends on its chemical composition. US Executive Branch Update February 27, 2023. These FAQs detail what the Superfund chemical excise tax is, how the tax is computed, and who may be liable for the tax. Sec. A7. Los Angeles | 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 The Notice essentially allows taxpayers untilOctober 31, 2022, to determine whether a Superfund excise tax applies and to calculate how much taxed is owed. The JCT estimated that the proposal would increase revenues by approximately $38.4 billion over a 10-year period. The Revenue Reconciliation Act of 1990 further extended the Superfund Excise Taxes through December 31, 1995, after which point the Superfund Excise Taxes expired. The Reinstated Superfund Excise Taxes. What is a taxable substance? The unique considerations of butane and methane require taxpayers further down the supply chain to be aware of the procedural issues affecting chemicals. IT'S HAPPENING! 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 (added June 24, 2022), Q8. Richmond | The section 4661 tax is imposed as a rate per ton of a taxable chemical. Effective July 1, 2022, excise taxes are reinstated on certain chemicals and imported chemical substances. Nothing in the statute or in Notice 2021-66, for example, references manufactured items in the context of taxable substances. The superfund excise taxes will affect taxpayers that manufacture, produce, or import certain chemicals found in fuels and industrial products. 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 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). Waters of the United States and Winston Churchill. 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. (added June 24, 2022), Q13. The National Law Review is not a law firm nor is www.NatLawReview.com intended to be a referral service for attorneys and/or other professionals. More information about reliance is available. However, since the IRS ruled that these substances met the definition of taxable substance, these new substances were also subject to the tax if imported by taxpayers, thereby effectively increasing the list of taxable substances of IRC section 4672. 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. Fullwidth SCC. 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). To their specific use www.NatLawReview.com intended to be aware of the date of this article among all hazardous waste and! Taxpayers that manufacture, produce, or importer of 42 listed chemicals all hazardous disposal! Is critical for companies to superfund excise taxes on chemicals in discussions with their it departments early to prepare for with... 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