Section 4671 imposes tax on the sales or use of imported "taxable substances" made from those taxable chemicals. Semi-monthly deposits are required, however. 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. It states that it was Congress intent that taxable substances only include chemicals that are intended for further chemical conversion. Exemptions from the application of the excise tax are listed atSection 4662(b)of the Tax Code. For example, butane and methane are exempt if they are being used as fuel, but NOT if they are being used for some other purpose. 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. The Superfund tax is assessed on the manufacturer or importer of these chemicals. 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 return of the Superfund excise tax on chemicals affects taxpayers that manufacture, produce, or import certain chemicals, as it imposes an excise tax on the sale of 42 specific chemicals listed in Section 4661 of the tax code, including ammonia, butane, benzene, mercury, and other common products. This would be for the periodJuly 1-September 30, 2022. . Effectively tracking necessary data through the supply chain may be a challenge as well. 429, Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA), How Modern Manufacturing Plants Can Protect Against Ransomware, Cyberattacks, FTC Will Host May 23, 2023, Workshop on Recyclable Claims and the Green Guides. Semi-monthly payments should be made by the 15th and 30th of each month, but the IRS is providing relief from penalties for non-payment up through the first quarter of 2023. Corporate Various exemptions exist for taxable chemicals, including: Additionally, the export of taxable chemicals is eligible for a refund of any tax paid on the chemical.16, The IRS published proposed Treasury Regulations in 1983 specific to the taxable chemicals to further detail the methods of reporting the tax, as well as provide more detail on all the provisions concerning the tax.17. Semi-monthly payments should be made by the 15 th and 30 th of each month, but the IRS is providing relief from penalties for non-payment up through the first quarter of 2023. 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. To stay logged in, change your functional cookie settings. A5. The Act also doubles the tax rate on chemicals or chemical products and expands the reach of the tax. customs, Benefits & Amendments. The tax rates of the listed chemicals were based on the percentage of the individual chemicals found in the hazardous waste sites. 17Prop. 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. Austin | 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). The Petroleum Superfund Tax is proposed to be indexed for inflation beginning in calendar year 2023. 4672(a)(2)(B)(1995). 14Joint Committee on Taxation, Estimated Revenue Effects of the Provisions in Division H of an Amendment in the Nature of a Substitute to H.R. The choice of a lawyer or other professional is an important decision and should not be based solely upon advertisements. 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. Under what circumstances is registration required? 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. The list of 42 chemicals and their respective excise tax rates is found in Internal Revenue Code (IRC) 4661(b). Congress directed the IRS to publish a list of additional taxable substances by January 1, 2022, which was published by the IRS via IRS Notice 2021-66.12, In addition to increasing the tax rate, the Infrastructure Bill lowered the threshold as to what is considered a taxable substance for importers or exporters who wish to request a determination from the IRS. collaboration. These FAQs were announced in IR-2022-131. The Superfund chemical excise taxes previously expired on December 31, 1995. The U.S. Environmental Protection Agency (EPA) administered the expenditures and used the funds to clean up hazardous waste sites around the United States. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In fact, companies that export products comprised of taxable chemicals or substances are entitled to a refund if they paid prior to manufacturing. 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). For exporters, IRC 4662(e) provides for a refund of the Superfund Tax for both taxable chemicals and taxable substances that are exported. 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,. The JCT estimated that the proposal would increase revenues by approximately $38.4 billion over a 10-year period. 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 consumer and political goals of reducing Americas dependence on foreign oil, enhancing national security, and greening the economy converge in biobased chemicals and advanced biofuels, the promising technology of producing commercial chemicals and fuels from renewable resources. South Florida | 7Superfund Amendments and Reauthorization Act of 1986, Pub. This could create a potential liability for downstream users such that the rst company that uses the methane or butane in a manner other than as a fuel will have to report and remit the Superfund Tax. 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. 4671. Since its reinstatement, the excise tax has raised many questions and caused significant industry consternation. It is important for companies to engage in early conversations with procurement, contracting, IT, and other internal departments to identify and assess their exposure and potential gaps in data gathering. The IIJA also reinstated the Superfund excise tax on the import for sale or use of any taxable substance underSection 4671of the Tax Code. Superfund tax on chemicals. 18I.R.S. 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. (added June 24, 2022), Q14. Fast forward to today. 9601-9675 (2021). Augusta | Reg. There are three ways to arrive at a tax determination for the Superfund Tax: 2. The Superfund Excise Tax will go back into effect on July 1 st, 2022, after not being in place for over 26 years. Licenses for Exports to Are You Ready for the UPC? The content and links on www.NatLawReview.comare intended for general information purposes only. 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. In addition, most hazardous wastes are produced by these industries or as a result of using products from these industries. 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. A3. 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. 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. 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. 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. Tax Implications and Financial Business Guidance Regarding the Coronavirus. 3684 (Aug. 2, 2021). Try our solution finder tool for a tailored set Rep. No. Technology/systems impacts Telecommunications, Media & Entertainment, Budget bill extends and addresses fuel excise taxes and incentives, Budget reconciliation, infrastructure, and what comes next. The chemicals Superfund tax was initially enacted in 1980 as a response to high-profile environmental disasters relating to hazardous waste. Strictly Confidential? See how we connect, collaborate, and drive impact across various locations. Superfund Chemical Excise Taxes are reported on Form 6627 (Environmental Taxes), which attaches to Form 720 (Quarterly Federal Excise Tax Return). When enacted, the Superfund was financed by environmental excise taxes on certain commonly used chemicals often found at Superfund sites. Alternatively, a taxpayer may base the rate for taxable substances on 10% of the value of the import.20. A11. 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 Exceptional organizations are led by a purpose. This tax provided a federal fund to remediate toxic spill sites when a responsible party could not be identified. Frequently Asked Questions: Superfund Chemical Excise Taxes. Part II of Form 6627, Environmental Taxes, will be updated to reflect the tax rate per ton of each taxable chemical. Many in the industrial chemical community are unfamiliar with the Superfund excise tax legacy, and the IRS is seemingly unprepared for the learning curve challenge the reactivation of the tax has created. 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. Deposit payments with the Electronic Federal Tax Payment System (EFTPS). Good News for American Businesses: H1-B Denial Rates Plummet Under USCIS Extends Comment Period for Proposed Fee Increases, OFCCP Rescinds Trump-Era Religious Exemption Rule. Form 6627, Environmental Taxes, previously used to report the Superfund Tax, will likely be used again to report the tax owed. corporations. Audit & brands, Corporate income media, Press It is critical for companies to engage in discussions with their IT departments early to prepare for the new reporting requirements. discount pricing. 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. 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). In addition to having deep tax technical knowledge surrounding federal excise taxes, Deloitte leverages leading technology tools and processes. The current list is published in IRC section 4672(a)(3) and attached as Exhibit B. Please join our EY cross-functional panel of professionals for a webcast focused on the recently enacted Infrastructure Investment and Jobs Act, specifically the reinstatement and expansion of the Superfund chemicals excise tax. Find the tax rates for 121 taxable substances. 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. 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. Orlando | SaraBeth Smith This box/component contains JavaScript that is needed on this page. . 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. The rate of excise tax per ton is based on the amount of each chemical included in the substance. Report and deposit these taxes quarterly with both: You must pay the Superfund chemical excise tax twice a month. Chemical tax to clean up toxic sites gets new life as part of infrastructure deal. These substances consist generally or partially of chemicals listed in Section 4661. Do not delete! All organic chemicals are derived from petrochemical feedstocks. The Superfund Amendments and Reauthorization Act of 1986 was enacted as Pub. financial reporting, Global trade & Inferences, however, can be made from the absence of any mention in the law. The Superfund Chemicals tax previously expired in 1995. Your comprehensive guide to the Act's many changes to the Internal Revenue Code, and their implications for businesses and individuals. Chemicals. Otherwise, companies risk finding out about this tax when they are audited and risk becoming liable for penalties. The first return, for the. 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. As the chemicals are taxed upon the rst sale or use after import or manufacture in the United States, the importer or manufacturer is liable for the excise tax. Cherry Bekaert is the brand name under which Cherry Bekaert LLP and Cherry Bekaert Advisory LLC provide professional services. The tax may be passed along to customers. Federally Recognized Holidays, Employer Considerations for DOLs New AEWR Rule. The Infrastructure Bill lowers the thresholdfor a chemical substance to meet the definition of taxable substance, thus more imports may be subject to this tax. 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. A taxable substance is defined as a substance that contains 20% or more by weight or value of any one of the chemicals listed in Section 4661 (down from 50% in the previous iteration of the law). 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. Assisting with design and implementation of automated tax calculation and reporting processes to be compliant with federal laws and regulations. Service. There are several potential issues related to taxpayer liabilities, refund considerations, and other recordkeeping requirements to consider with regards to the Superfund Excise Taxes. How do I calculate the section 4661 tax? These taxes were in place until 1995 to fund the Federal Hazardous Substance Superfund, but expired in 1995. 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. An official website of the United States Government. Hampton Roads | 4671. The Superfund excise taxes are set to expire at the end of 2031. 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. At Deloitte, our purpose is to make an impact that matters by creating trust and confidence in a more equitable society. Cherry Bekaert: Tax, Audit and Advisory Services, Superfund Excise Taxes on Chemicals and Substances: How to Prepare, Maximize the Supply Chain Revolution Panel Discussion, 2023 Legislative Landscape: Expanding Opportunities for Manufacturers, The U.S. and Global Economic Manufacturing Outlook for 2023, Private Equity Industry Report: 2022 Trends and 2023 Outlook, Cybersecurity Maturity Model Certification, Business Intelligence and Data Analytics Services, Digital Strategy & Transformation Services, Government Contractor Consulting Services, SBA 8(a) Business Development Program Consulting Services, Information Technology Audit & Consulting, Cybersecurity Maturity Model Certification (CMMC), Outsourced Sales Tax Compliance and Managed Services, IRS issues Superfund Chemical Excise Tax Rates, IRS issues Superfund Chemical Excise Taxes FAQs, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. 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. Customer Reviews: Five-Star Enforcement and the Expanding Regulations. Statement in compliance with Texas Rules of Professional Conduct. 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 Chemicals Superfund Tax and the Hazardous Substances Tax took effect on July 1, 2022 with a ten-year effective . 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. First, the Section 4661 chemical excise tax rate was doubled from its prior iteration to a range of $0.44 per ton up to $9.74, depending on how a chemical (from a list of 42) is sold or used. governments, Business valuation & See also I.R.C. As explained in today's IRS release: 3S. Section 704.3. It is imposed on any taxable chemical sold or used by a manufacturer, producer, or importer on or after July 1, 2022.It also is imposed on any taxable substance sold or used by the importer on or after July 1, 2022.The Superfund Tax funds the Hazardous Substance Superfund Trust Fund . The following is an FAQ to help companies get up to speed on what the Superfund Chemical Excise Taxes will require of them. The entities falling under the Cherry Bekaert brand are independently owned and are not liable for the services provided by any other entity providing services under the Cherry Bekaert brand. Section 80201 of the bill would revive long-expired Superfund excise taxes at twice their previous level. (added June 24, 2022), Q9. (a) General rule There is hereby imposed a tax on any taxable chemical sold by the manufacturer, producer, or importer thereof. 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. 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. Taxpayers must make semimonthly deposits of the Superfund chemical excise taxes. 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. No such update has been issued to date, however. In November 2021, President Biden signed the Infrastructure Investment and Jobs Act. This would make the first tax deposit covering thefirst half of July 2022due byJuly 29, 2022. IT and tax departments in particular will need to collect transactional data all along the supply chain, as well any applicable master data. 4661 imposes tax on the sale or use by the manufacturer, producer, or importer of 42 listed chemicals. However, the IRS released a number of IRS Notices between 1990 and 1995 concerning taxpayer requests for a determination as to whether a listed chemical substance met the definition of taxable substance. This increased the taxable substances list to more than 100 individual chemical substances. It has been almost 30 years since the Superfund excise tax was in effect. The superfund excise taxes will affect taxpayers that manufacture, produce, or import certain chemicals found in fuels and industrial products. 48839 (Oct. 21, 1983). Notice 2021-66 does not specify the tax rate for each taxable substance. . industry questions. | Careers 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. . 3. Telephone and Texting Compliance News: Regulatory Update February 2023. . Notice 89-61provided guidance under the previously applicable Superfund excise tax. The relevance of this guidance to the new tax is unclear. View Full Firm Disclosure. Will the U.S. Supreme Court Make Marijuana Legal? In our experience, it generally takes at least three months to fully implement and test a new business process and system implementation. Tax Partner IT'S HAPPENING! The amount of the section 4671 tax with respect to any taxable substance is generally the amount of section 4661 tax that would have been imposed on the taxable chemicals used in the manufacture or production of the taxable substance if the taxable chemicals had been sold in the United States for use in the manufacture or production of the taxable substance. Nota Bene Episode 160: European Update: Oliver Heinisch and Scott Federal Communications Commission to Consider Rules and Proposals to Whats the Standard? , Pub the import for sale or use of any taxable substance FAQ to help get., previously used superfund excise taxes on chemicals report the tax Code 10 % of the would. Notice 89-61provided guidance under the previously applicable Superfund excise taxes upon advertisements System ( EFTPS ) taxes are to. 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