The Infrastructure Investment and Jobs Act lowered this threshold to 20%. shipping, and returns, Cookie statement, 2019 Yes. The law imposes a tax on any taxable chemical sold by the manufacturer, producer, or importer. 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 These substances consist generally or partially of chemicals listed in Section 4661. This tax provided a federal fund to remediate toxic spill sites when a responsible party could not be identified. Form 6627 must be filed alongside Form 720 on a quarterly basis. It states that it was Congress intent that taxable substances only include chemicals that are intended for further chemical conversion. Often collectively referred to as the superfund taxes, Congress imposed excise taxes on domestic crude oil, imported petroleum products and identified chemicals, as well as imported substances comprised of such chemicals. 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. Reporting (added June 24, 2022), Q4. Cherry Bekaert LLP is a licensed CPA firm that provides attest services, and Cherry Bekaert Advisory LLC and its subsidiary entities provide tax and advisory services. Attorney Advertising Notice: Prior results do not guarantee a similar outcome. The Basics of Californias Outside Salesperson Exemption. 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. The Final CCPA Regulations: What You Need To Know, Are College Athletes Students or Employees? L. No. See also I.R.C. 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. 4671(b). discount pricing. The superfund excise taxes will affect taxpayers that manufacture, produce, or import certain chemicals found in fuels and industrial products. brands, Corporate income The unique considerations of butane and methane require taxpayers further down the supply chain to be aware of the procedural issues affecting chemicals. If you require legal or professional advice, kindly contact an attorney or other suitable professional advisor. 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. Will the U.S. Supreme Court Make Marijuana Legal? Nota Bene Episode 160: European Update: Oliver Heinisch and Scott Federal Communications Commission to Consider Rules and Proposals to Whats the Standard? The first quarterly Superfund Tax reporting on Form 720 is due October 31, 2022. EPA Announces Availability Of Environmental Justice Thriving Energy & Sustainability M&A Activity February 2023, OSHA Implements Pilot Program to Streamline Complaint Intake Process. Companies may also rely on the absence of a clear inclusion of articles in the statute and the exclusion of articles under the previous application of the Superfund excise tax. Part II of Form 6627, Environmental Taxes, will be updated to reflect the tax rate per ton of each taxable chemical. Calculate the rate based on the percentage amount of each listed chemical included in the substance. A9. Is the rate different for taxable substances? These FAQs were announced in IR-2022-131. Fast forward to today. A third excise tax on crude oil and petroleum products was reinstated in the Inflation Reduction Act . What happens if an importer does not calculate the section 4671 tax? Expanded Employee Retention Credit (ERC) & how our professionals can assist you. It's codified in IRC Sections 4671 and 4672, both of which were added by the Superfund Amendments and Reauthorization Act of 1986. Updated procedural guidance on how to request the determination has not yet been published by the IRS as of the date of this article. These taxes were in place until 1995 to fund the Federal Hazardous Substance Superfund, but expired in 1995. 11001 (2021). The excise tax collection expired in 1995 but resumed on July 1, 2022. (added June 24, 2022), Q8. 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. For instance, necessary data elements may not be available to properly identify the taxable chemicals and components. (added June 24, 2022), Q10. 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If the importer does not calculate the section 4671 tax for a taxable substance and the IRS has prescribed a tax rate for the taxable substance, the tax is calculated using the rate prescribed by the IRS. As part of the Infrastructure Investment and Jobs Act signed into law November 15, 2021, the Superfund Excise Taxes go into effect July 1, 2022. 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. Raleigh | Taxpayers must make semimonthly deposits of the Superfund chemical excise taxes. Superfund tax on chemicals. on chemicals through 31 December 2031 at double the 1995 rates, when superfund taxes were last implemented. The 2022 law revived a tax that previously expired in 1995, the Hazardous Substance Superfund tax rate. The Act also doubles the tax rate on chemicals or chemical products and expands the reach of the tax. Calculating the federal excise tax liability, including taking into account available exemptions. Chemical manufacturers and importers 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. Superfund Chemical Excise Taxes are reported on Form 6627 (Environmental Taxes), which attaches to Form 720 (Quarterly Federal Excise Tax Return). | 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. The section 4661 tax is imposed as a rate per ton of a taxable chemical. Telecommunications, Media & Entertainment, Budget bill extends and addresses fuel excise taxes and incentives, Budget reconciliation, infrastructure, and what comes next. 9601-9675 (2021). The Reinstated Superfund Excise Taxes. This effectively doubled the tax rate of the imported taxable substances as well, and the Infrastructure Bill further increased the alternative method of calculation of the taxable substances to 10% the value of import. The two most significant excise tax provisions of HR 3684 are (1) reinstatement of the Section 4661 taxes on sales by a taxpayer that manufactures, produces, or imports certain chemicals and (2) reinstatement of Section 4671 taxes on an importer's sale or use of specified substances. Accordingly, the chemicals are taxed upon the first sale or use after import or manufacture in the United States, and the importer or manufacturer is liable for the excise tax, which it may pass along to its customers.22. Companies opting for the latter run the risk, however, of incurring penalties, should the IRS adopt a different view. Superfund Chemical Excise Taxes are reported on Form 6627 (Environmental Taxes), which attaches to Form 720 (Quarterly Federal Excise Tax Return). Charlotte | DeloitteTax 2Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA), Pub. 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). automatically and accurately calculating the amount of excise tax owed. firms, CS Professional Taxable substances are those that contain 20% or more by weight or value of one of the 42 chemicals listed in IRC 4661 (b). IRC section 4672 additionally directed importers and exporters to request a determination from the IRS as to whether a specific unlisted chemical substance should be included in the list of taxable substances. 429.Section 80201 of the IIJA reinstates the Superfund excise tax on certain chemical substances under Sections 4661 and 4671 of the Internal Revenue Code (Tax Code), effective July 1, 2022.Section 80201(c)(1) of the IIJA modified the method for determining . The rates are listed in IRS release IR-2022-133 (June 24, 2022). A14. How are substances added to or removed from the list of taxable substances? How Modern Manufacturing Plants Can Protect Against Ransomware, FTC Will Host May 23, 2023, Workshop on Recyclable Claims and the Appellate Court Affirmed An Order Denying A Beneficiarys Request For An Overview of Why Class Action Privacy Lawsuits May Have Just Gotten Gold Dome Report Legislative Day 26 (2023). Do not delete! (added June 24, 2022), Q15. From 1987 through 1995, an excise tax also applied to the sale by the manufacturer, producer or importer of 42 specified chemicals. Otherwise, companies risk finding out about this tax when they are audited and risk becoming liable for penalties. The tax expired under its terms in the mid-1990s but has now been reinstated. Companies with large volumes of transactions should consider automating their tax calculation and reporting processes. No. Notice 2021-66 does not specify the tax rate for each taxable substance. | Careers 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). 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. Systems and processes will also need to be established in order to properly calculate and remit taxes that are due, as well as apply for refunds or exemptions. media, Press Cherry Bekaert is the brand name under which Cherry Bekaert LLP and Cherry Bekaert Advisory LLC provide professional services. In addition to having deep tax technical knowledge surrounding federal excise taxes, Deloitte leverages leading technology tools and processes. Helping businesses navigate financial due diligence engagements and domestic and cross-border transactions. Recent FTC Enforcement Action Merits Cyber Insurance Coverage Review, Two Ways to Redefine & Achieve CRM Success. 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. 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. Heard on: Revenue from a new excise tax on chemicals like Benzene and Mercury would go . Thomson Reuters/Tax & Accounting. 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. This assessment should include a review of the transaction life cycle, master data setup, cost computation and recognition, and general entry posting. Reg. (added June 24, 2022), Q13. The Notice essentially allows taxpayers untilOctober 31, 2022, to determine whether a Superfund excise tax applies and to calculate how much taxed is owed. Telephone and Texting Compliance News: Regulatory Update February 2023. This message will not be visible when page is activated. An official website of the United States Government. 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. There are several potential issues related to taxpayer liabilities, refund considerations, and other recordkeeping requirements to consider with regards to the Superfund Excise Taxes. 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. For chemicals, the taxable event is the sale or use by the manufacturer, producer, or importer of the chemical, and the tax is due in the U.S. upon the first use or sale. (b) Amount of Tax The amount of tax imposed by subsection (a) shall be determined in accordance with the following table: (c) Termination No tax shall be imposed by this section after December 31, 2031. There are three ways to arrive at a tax determination for the Superfund Tax: 2. . The content and links on www.NatLawReview.comare intended for general information purposes only. The statute provides an initial list of 50 taxable substances and instructs the IRS to add any substance in which taxable chemicals constitute more than 20% of the weight or value. 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. making. South Florida | 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. 4661. Taxpayers must meet the guidelines in the Notice to qualify for this relief. See question 3 for more information on taxable chemicals and question 6 for more information on calculating the tax imposed by section 4661 (section 4661 tax). The Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) established the Hazardous Substance Response Trust Fund (the Superfund), which was to be administered by the Environmental Protection Agency (EPA).2 CERCLA imposed liability for the cleanup of hazardous waste sites on the owners and operators of these sites. At what point in a transaction do the new taxes kick in? The Superfund tax is assessed on the manufacturer or importer of these chemicals. 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. Houston | 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. When is the first return due? and accounting software suite that offers real-time 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. A1. 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. 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), News Releases for Frequently Asked Questions, Recent Developments for Form 6627, Environmental Taxes, Treasury Inspector General for Tax Administration, synthetic linear fatty alcohol ethoxylates, IRS issues Superfund chemical excise tax rates. The new Superfund requires companies to identify which of 42 chemicals they're using, volume of each in production processes and outputs. The Superfund Tax rate for chemicals range from $048 per ton for nitric acid to $9.74 per ton for Benzene. The IIJA also reinstated the Superfund excise tax on the import for sale or use of any taxable substance underSection 4671of the Tax Code. The tax would apply after December 31, 2021, until January 1, 2032. See Notice 2021-66, 2021-52 I.R.B. Explore Deloitte University like never before through a cinematic movie trailer and films of popular locations throughout Deloitte University. 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. That number will likely change as substances are added to or removed from the list of taxable substances pursuant to section 4672(a)(2) or (4). 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). Everyone loves infrastructure, but it pays to read the fine print. The reinstated Superfund Excise Tax is effective July 1, 2022, through December 31, 2031, absent extension. An official website of the United States Government. They're expected to generate $14.4 billion of revenue in total, or about $1.2 billion annually, the report said. The Leaking Underground Storage Tank (LUST) Fund adds an additional $0.001/gal federal fee. However, the inorganic raw materials required a multi-tiered rubric: (1) the material must be hazardous in a number of forms; (2) the material in some form must be hazardous if spilled; (3) the material must be produced in a large amount; and (4) the material must be capable of increasing the hazard potential of other elements.5, Congress intended for the fees to be imposed "at the beginning of the commercial chain of production, distribution, consumption, and disposal of hazardous substances." The Superfund is a federal excise tax on various hazardous chemicals. management, Document Exporters healthcare, More for 17Prop. Because these FAQs have not been published in the Internal Revenue Bulletin, they will not be relied on or used by the IRS to resolve a case. Self-assess the rate based on 10% of the appraisal value of the imported substances.*. Notice 2021-66 suspended the procedure in Notice 89-61 because the IRS plans to issue a more current guidance on this matter. What is the purpose of the Superfund Chemical Excise Taxes? The tax law is included in the Infrastructure Investment and Jobs Act that was signed into law on November 15, 2021. Our use of the terms our Firm and we and us and terms of similar import, denote the alternative practice structure of Cherry Bekaert LLP and Cherry Bekaert Advisory LLC. accounts, Payment, Your comprehensive guide to the Act's many changes to the Internal Revenue Code, and their implications for businesses and individuals. 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. While the majority of the listed chemicals are taxable by the manufacturer or importer upon the rst sale or use, butane and methane only become taxable upon the rst use other than as a fuel. Section 80201(c)(1) of the IIJA modified the method for determining whether a substance is a taxable substance by lowering the required percentage of taxable chemicals used to produce the substance from 50 percent to 20 percent of the weight (or the value) of the materials used to produce such substance. policy, Privacy Nothing in the statute or in Notice 2021-66, for example, references manufactured items in the context of taxable substances. 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. The Superfund chemical excise taxes are reported on Form 6627, Environmental Taxes, which is attached to Form 720, Quarterly Federal Excise Tax Return. This current iteration is set to expire on December 31, 2031. Advertising Notice: Prior results do not guarantee a similar outcome a More current guidance on this matter IRS IR-2022-133... 6627 must be filed alongside Form 720 is due October 31, 2031 because the IRS adopt different. Certain chemicals found in fuels and industrial products, 2022 ) Episode 160: European:. Must be filed alongside Form 720 on a quarterly basis for Benzene this. Chemical excise taxes, will be updated to reflect the tax rate per ton of each taxable chemical sold the!, Q10 affect taxpayers that manufacture, produce, or importer of 42 specified.! 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