IRS clarifies key rules for Superfund chemical taxes

IRS clarifies key rules for Superfund chemical taxes - Grant Thornton

Grant Thornton Insight. A substance does not become taxable until it is specifically identified by IRS guidance, regardless of whether its ...

Superfund chemical excise taxes | Internal Revenue Service

The proposed regulations affect manufacturers, producers and importers that sell or use taxable chemicals and importers that sell or use taxable substances.

Superfund Chemical Taxes - Federal Register

This document contains proposed regulations relating to the excise taxes imposed on certain chemicals and certain imported substances, effective July 1, 2022.

IRS Proposes Regulations Regarding Superfund Tax on Chemicals

Proposed Section 52.4661-1(c)(1) clarifies that the Section 4661 tax attaches to the first sale or use of a taxable chemical by the manufacturer ...

IRS Proposed Rule on Revived Superfund Chemical Taxes

On March 29, 2023, the U.S. Internal Revenue Service (IRS) published a Proposed Rule to amend the Environmental Tax Regulations, ...

IRS issues Superfund Chemical Excise Taxes FAQs

The Superfund chemical taxes will be reported on Form 720, Quarterly Federal Excise Tax Return, and Form 6627, Environmental Taxes. These FAQs ...

Recent Updates from the IRS and Treasury on the Superfund ...

The Superfund Chemical Tax, which went into effect on July 1, 2022, reinstated an excise tax imposed on manufacturers, producers, and importers of certain ...

IRS Issues New Proposed Regulations on Superfund Excise Taxes

The IRS has issued new proposed regulations related to federal superfund chemical excise taxes on certain chemicals and substances.

Treasury guidance on Superfund excise tax - RSM US

The IRS and U.S. Treasury issues proposed regulations regarding the application of the reinstated Superfund tax on enumerated chemicals and ...

Transcript Available of IRS Hearing on Superfund Chemical Taxes

These proposed regulations relate to the excise taxes imposed on certain chemicals and certain imposed substances effective July 1, 2022, and ...

The Superfund Tax is back: Recent IRS guidance and background

The Superfund Tax is an excise tax imposed on manufacturers, producers and importers of specified chemicals (Taxable Chemicals) and on importers ...

IRS Proposes Rules for Reinstated Superfund Excise Tax - HBK

Taxpayers are only subject to the tax if the weight of the substance consists of 20 percent or more of a taxable chemical, a decrease from the 50 percent ...

Reinstated Superfund Excise Tax—Safe Harbor Rule Protection to ...

The Superfund chemical taxes have been reinstated through December 31, 2031. The Chemical Sales Tax applies to the 42 chemicals (Taxable ...

IRS Proposal Provides Key Guidance For Implementing New ...

The Internal Revenue Service's (IRS) proposed rule implementing the reinstated Superfund tax on chemicals and substances provides ...

IRS Issues Proposed Rule to Implement Reinstated Superfund ...

31, 2031. Two separate Superfund chemical excise taxes were resurrected in 2021: a tax on the sale or use of “taxable chemicals” under Section ...

AGA's Comments on Superfund Chemical Taxes Proposed Rule, 88 ...

Department of the Treasury. Internal Revenue Service. Room 5203. P.O. Box 7604. Ben Franklin Station. Washington, DC 20044. RE: AGA's Comments ...

Reinstated Superfund Excise Tax Imposed on Certain Chemical ...

Section 80201(c)(1) of the IIJA modified the method for determining whether a substance is a taxable substance by lowering the required ...

The Superfun(d) continues! IRS issues comprehensive Superfund ...

The Proposed Regulations provide that tax-free sale treatment is only available if all taxable chemicals used as materials in the manufacture or ...

The Reinstated Superfund Excise Taxes - American Bar Association

The oil and gas industry, the petrochemicals industry, and the chemicals industry may all be affected by three reinstated Superfund excise ...

Bulletin No. 2023–16 April 17, 2023 HIGHLIGHTS OF THIS ISSUE

Superfund chemical taxes. Section 4661(a) imposes an excise tax on ... chemical taxes as well as rules and model certificates for ...