Yes. See Section 4671(b)(2). No other Superfund tax refund service provider has the experience of Charter Brokerage. 2022 Global Digital Trust Insights Survey, Application Security and Controls Monitoring Managed Services, Controls Testing and Monitoring Managed Services, Financial Crimes Compliance Managed Services, Virtual Business Office services for healthcare. Raleigh | 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. The microbusiness also charges $5 for delivery. To put this in context, tax rates for taxable chemicals range from $0.44 to $9.74 per short ton. 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. (added June 24, 2022), Q13. Due to the complicated nature of the tax assessments, and the detailed information required, gaps in existing systems and processes may exist. For this example, the sales tax rate is 8.5 percent, the cannabis excise tax is 15 percent, and there is a 10 percent local business tax. Boston | Many entities are struggling with its application. That penalty can be avoided if the taxpayer demonstrates that the failure was due to reasonable cause and not due to wilful neglect. FS-2022-31 (Issued 6/24/2022), IRS issues Superfund Chemical Excise Taxes FAQs ( Link) Rev. With over 10 years of experience, Sales Tax Manager Elizabeth Perez Gonzalez specializes in sales and use tax services. 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). As a background, when these taxes were reinstated through the Infrastructure Investment and 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. In order to pay for the provisions in The Infrastructure Investment and Jobs Act (also referred to as the Bipartisan Infrastructure Bill), Superfund was reinstated with double the tax rate on chemicals and a published tax rates for 121 of the 151 taxable substances. 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, including ammonia, butane, In order to pay for The Infrastructure Investment and Jobs Act signed into law November 15, 2021, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. 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. Any taxable chemical or substance also qualifies for a Superfund Tax Credit. That authority expired in 1995. Form 6627 must be led alongside Form 720 on a quarterly basis. Section 4661(b) lists the almost three and a half dozen chemicals that this 2022-26 (Issued 6/28/2022), Exclusive Procedures to Request a Determination under IRC 4672 (a) (2) That a Substance Be Added To/Removed From the List of Taxable Substances under IRC 4672 (a) ( Link) Please Second, an importer or exporter of a substance (or other interested person) can petition the Secretary to add the substance to or remove the substance from the list of taxable substances. $300 plus $0.090 per each acre-foot greater than 10 acre-feet. A1. According to the IRS, the tax rates for chemicals and substances depend on several factors. The excise tax applies to companies that manufacture, produce, or import any of the 42 specific chemicals listed inSection 4661of the Tax Code, most of them common in consumer products, including ammonia, butane, benzene, and mercury. 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 section 4661 tax is imposed as a rate per ton of a taxable chemical. 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. 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. 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. | Privacy Policy The imported substances tax is due upon the first sale or use after import. Accordingly, the procedural rules in26 C.F.R. A Superfund excise tax on chemicals has been signed into law and went into effect on July 1, 2022. 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. Richmond | (Note that industry is requesting that the IRS establish a fixed rate by agreement between the IRS and Industry but it remains to be seen if this will be adopted by the IRS). FS-2022-31, June 2022. This excise tax, which is imposed on certain chemicals and imported chemical substances, was reinstated effective July 1, 2022, as part of the Infrastructure Investment and Jobs Act of November (added June 24, 2022), Treasury Inspector General for Tax Administration, IRS issues Superfund Chemical Excise Taxes FAQs. 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). Go back five years for manufacturing drawback. Reconciling Aerojets previous disposal and operating practices led to soil and groundwater contamination. Since its reinstatement, the excise tax has raised many questions and caused significant industry consternation. The Superfund chemical excise taxes previously expired on December 31, 1995. In Notice 2021-66 the IRS published a list of 100 additional substances subject to the Superfund Tax. Similarly, if an FAQ turns out to be an inaccurate statement of the law as applied to a particular taxpayer's case, the law will control the taxpayer's tax liability. Funds collected will be added to the Hazardous Substance Superfund Trust. 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 Superfund Chemical Excise Tax was created in 1980 through the Comprehensive Environment Response, Compensation, and Liability Act. 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. Currently, there are 42 taxable chemicals, each with a specified tax rate imposed on a per-ton basis, and 151 taxable substances for which the tax rate is dependent on the substances unique chemical composition. The Superfund Chemical Excise Tax was created in 1980 through the Comprehensive Environment Response, Compensation, and Liability Act. The NLR does not wish, nor does it intend, to solicit the business of anyone or to refer anyone to an attorney or other professional. The manufacturer or importer pays the excise tax for chemicals, which is due on the first use or sale in the United States. Is there a way to check the status of an application for Activity Letter G registration? Superfund Excise Tax - What You Need to Know, This analysis is intended for informational purposes only and is not tax advice. The content and links on www.NatLawReview.comare intended for general information purposes only. The Superfund chemical taxes will be reported on Form 720, Quarterly Federal Excise Tax Return, and Form Observation: Under Notice 2022-15, deposits still are required and must be timely to avoid Section 6656 penalties, but failing to meet the 95% accuracy threshold will not result in penalties. The Infrastructure Investment and Jobs Act signed into law November 15, 2021, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. 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). Among the requirements mentioned (briefly) in Notice 2021-66, SCET taxpayers with a net quarterly liability in excess of $2,500 must make deposits of tax for each semimonthly period in which the tax liability is incurred. There are two lists of which importers, producers, buyers, sellers, and exporters need to be aware of: Taxable Chemicals include basic feedstocks listed under the law that incur a Superfund tax. This would be for the periodJuly 1-September 30, 2022. The excise tax was not only brought back, but the IIJA doubled the prior tax rate on chemicals. The money gathered from the taxes was used to fund the clean-up of hazardous waste disposal sites across the United States. The money gathered from the taxes was used to fund the clean-up of hazardous waste disposal sites across the United States. Part II of Form 6627, Environmental Taxes, will be updated to reflect the tax rate per ton of each taxable chemical. It states that it was Congress intent that taxable substances only include chemicals that are intended for further chemical conversion. Copyright 2023 BDO USA LLP. 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 importer of hazardous substances pays the tax, and it is due on the first sale or use after import. The reinstated excise tax on chemicals and substances containing chemicals funds a portion of the Superfund Trust Fund. 11758), which was signed into law on November 15, 2021, reinstated theChemicals Superfund Tax and the Hazardous Substances Tax at twice the prior rates through 2031. 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. Statement By Secretary Walsh On the Telecommunications Workforce EPA Announces Appointments to Local Government Advisory Committee. Retailer's Wholesale Cost ($1,000 + $200) $1,200.00. NLR does not answer legal questions nor will we refer you to an attorney or other professional if you request such information from us. Superfund Chemical Excise Taxes Effective July 1, 2022, excise taxes are reinstated on certain chemicals and imported chemical substances. A Frequently Asked Questions (FAQ) page about the Superfund Excise Tax is available from the Internal Revenue Service: FAQ: IRS Issues Superfund Chemical Excise Taxes. She specializes in pass-through entity and multi-state compliance for family owned businesses in a variety of industries including manufacturing and distribution, retail and real estate. The new tax doubles the previous tax rate on Taxable Chemicals and Taxable Substances. The Infrastructure Investment and Jobs Act signed into law November 15, 2021, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. AllRightsReserved. The applicable rates of tax and related Texas Unclaimed Property, a Division of the Texas Comptroller of Public Accounts (Texas Comptroller), is increasing compliance efforts through outreach. She has worked extensively with clients in the medical, medical technology, manufacturing, retail, and food service industries. Nonetheless, a taxpayer who reasonably and in good faith relies on these FAQs will not be subject to a penalty that provides a reasonable cause standard for relief, including a negligence penalty or other accuracy-related penalty, to the extent that reliance results in an underpayment of tax. July 1 is fast approaching and the window to prepare for compliance with the reinstated Superfund Tax is brief. 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. COPYRIGHT 2023 RKL. The IRS is expected to issue guidance prior to theJuly 1, 2022, effective date of the Superfund excise taxes. WebWork with outside vendor on Superfund Excise tax compliance; Ascend Performance Materials is the premium provider of high quality chemicals, fibers and plastics. Kti Chemicals Inc is a superfund site located at 1170 Sonora Ct, Sunnyvale, CA 94086. Applicability of the information to specific situations should be determined through consultation with your tax adviser. Exemptions from the application of the excise tax are listed atSection 4662(b)of the Tax Code. Tax News & Views, our current events-focused tax podcast, can help provide clarity on the latest tax news and developments that could affect your business. As reinstated, the tax Elizabeth supports clients with sales and use tax nexus studies, tax registration, voluntary disclosure agreements, audit representation, item taxability, overpayment recovery, and exposure audits. 429 (2021)), effective July 1, 2022, with modifications to the applicable rates of tax and other provisions related to those taxes. There are 42 listed taxable chemicals under IRC 4661, which imposes excise tax on the sale or use by a manufacturer, producer or importer of such chemicals. Please reach out to our team if you have any questions about the implications of the infrastructure bill. Superfund is also imposed when a taxable substance is imported for consumption, use, or warehousing. 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. Taxable Chemicals. IRC 4671 imposes the excise tax on the sale or use by an importer of specified taxable substances (as initially identified in IRC 4672(a)(3) and IRS Notice 2021-66). Section 704.3. A Frequently Asked Questions (FAQ) page about the Superfund Excise Tax is available from the Internal Revenue Service: FAQ: IRS Issues Superfund Chemical Excise The IRS has release additional information on the Superfund Excise Taxes on Chemicals. The applicable tax ranges from $.48 to $9.47 per ton. Part 40regarding filing, deposits, and related procedural issues apply to companies subject to the reinstated Superfund excise taxes. New Jersey enacted a new tax law (A.B. System and Organization Control Reporting (SOC), GDPR General Data Protection Regulation. What is a taxable chemical? As reinstated, the excise tax rates are doubled from pre-1996 levels and range from $0.44 cents per ton to $9.74 per ton. Requesting additions and/or deletions to the taxable substances list pursuant to updated IRS guidance and procedure. The rate of excise tax per ton is based on the amount of each chemical included in the substance. The Joint Please see www.pwc.com/structure for further details. Relief provided for Superfund chemical excise tax semimonthly deposits. A15. The Joint Committee on Taxation estimates these excise taxes combined would increase revenues by over $52 billion over a 10-year period How KPMG can help Notice IR-2022-132 focused on issuing tax rates for 121 taxable substances. 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. The Superfund chemical taxes will be reported on Form 720, Quarterly Federal Excise Tax Return, and Form 6627, Environmental Taxes. Certain non-fuel and agricultural uses of some of these chemicals were exempted from the excise tax. Helping tax leaders embrace disruption, seize new opportunities and drive greater value. The Environmental Protection Agency (EPA) identifies sites such as Kti Chemicals Inc because (added June 24, 2022), Q2. Otherwise, companies risk finding out about this tax when they are audited and risk becoming liable for penalties. Ascend Performance Materials is the premium provider of high quality chemicals, fibers and plastics. In Philadelphia, Economy Struggles to Keep Up with New Influx of Immigrants. That authority 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. 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. 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. As part of this Act, superfund excise taxes imposed on chemicals and imported taxable products are set to be reinstated July 1, 2022 through Dec. 31, 2031. Download list of 42 taxable chemicals and 151 taxable substances. The taxes apply to any taxable chemical under Internal Revenue Code (IRC) 4661 and any taxable substance under IRC 4671. The microbusiness also charges $5 for delivery. A6. on The Reinstated Superfund Excise Tax for Chemicals and Imported Substances, How Finance and Accounting Outsourcing Helps Companies Grow, How Sage Intacct Real Estate Simplifies Property Management and Reporting. California Labor Commissioner Issues FAQs Clarifying Pay Transparency AI-Based Discrimination Top of the EEOCs Draft Enforcement Plan, Class Action Year in Review: BIPA Class Actions, Version 2 Proposed Draft Rules for the Colorado Privacy 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%. There are two separate Superfund chemical excise taxes: a tax on the sale or use of "taxable chemicals" under section 4661 of the Internal Revenue Code and a tax on the sale or use of imported "taxable substances" under section 4671 (all section references are to the Internal Revenue Code unless otherwise stated). Nothing in the statute or in Notice 2021-66, for example, references manufactured items in the context of taxable substances. But under the Biden plan, those taxes would be reinstated. These credits are accrued when a taxable chemical or taxable substance is exported. At the time of publication of these FAQs, 151 substances are listed as taxable substances. $300 plus $0.085 per each acre-foot greater than 10 acre-feet. 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. The Superfund Tax is effective as of July 1, 2022 and will remain in effect until the end of 2031. When do the Superfund chemical excise taxes go into effect? The Inflation Reduction Act added excise tax on domestic crude oil and imported petroleum products starting on January 1,2023. How do I calculate the section 4661 tax? See the full preliminary list in Internal Revenue Code 4661, 4671, 4672; Notice 2021-66. As a result, Notice 2022-15 provides welcome relief and affords SCET taxpayers additional time to perfect their SCET deposit process. 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. WebEffective July 1, 2022, Congress has revived the Superfund Excise tax on Taxable Chemicals and Taxable Substances that previously existed from 1980 through 1995. Take inventory of chemicals and determine effects on manufacturing processes and product pricing to ascertain business impact and identify tax exposure. 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. The FTC's Proposed Rule Banning Noncompete Agreements- What Does It Mean? Tax credits abound. Some deposit amount is still required by July 29 to satisfy the relief provisions set out in Notice 2022-15. Expanded Employee Retention Credit (ERC) & how our professionals can assist you. Section 4671(a) imposes an excise tax on the sale or use of a taxable substance by the importer of the taxable substance. 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. A taxable chemical is a chemical that is (i) listed in section 4661(b), and (ii) manufactured or produced in the United States or entered into the United States for consumption, use, or warehousing. 4295) on December 22, 2022, that accomplishes three things: (1) eliminates the requirement to affirmatively elect New Jersey S corporation status, while including an opt-out provision; (2) adopts the federal centralized partnership audit regime, with certain modifications; and (3) ends certain COVID-related extensions. In Philadelphia, Economy Struggles to Keep Up with New Influx of First Major Overhaul of Cosmetics Regulation Since FDR Administration, Governor Kathy Hochul Proposes New York State Housing Compact. Initially, the Superfund program called for taxes by manufacturers of crude oil and certain chemicals to fund a trust to pay for environmental cleanup activities. - January 2023 Edition. 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. 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. Nashville | How do I calculate the section 4671 tax? . . Manufacturers, producers, or importers that sell or use any of these chemicals must pay a tax of $0.22 to $4.87 per ton, depending on the chemical. 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