Inferences, however, can be made from the absence of any mention in the law. 3/17/2022. 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. More. Companies might receive a refund of the tax paid if they export products made with specific chemicals and substances if they paid before manufacturing. The Inflation Reduction Act (Pub.L. Aerojet and its subsidiaries have researched, designed and made rocket engines and chemicals on site since 1953. A13. First, a substance can be added to the list of taxable substances by the Secretary, in consultation with the Administrator of the Environmental Protection Agency and the Commissioner of U.S. Customs and Border Protection, if the Secretary determines that taxable chemicals constitute more than 20 percent of the weight (or more than 20 percent of the value) of the materials used to produce the substance (determined on the basis of the predominant method of production). Proc. The content and links on www.NatLawReview.comare intended for general information purposes only. According to the IRS, 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. Below is the current list of taxable chemicals. Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities. 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. The IRS has release additional information on the Superfund Excise Taxes on Chemicals. The new tax doubles the previous tax rate on Taxable Chemicals and Taxable Substances. . 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). Tax on Imported Chemical Substances, IRS No. Chemicals will be taxed based on how they're sold, used, or stored and can range from $0.44 to $9.74 and will be charged on a per-ton basis. Companies opting for the latter run the risk, however, of incurring penalties, should the IRS adopt a different view. Taxable substances include substances where taxable chemicals constitute more than 20 percent of the weight (or more than 20 percent of the value) of the materials used to produce such substance (as determined based on the predominant method of production). Download list of 42 taxable chemicals and 151 taxable substances. The Joint Committee on Taxation estimates these excise taxes combined would increase revenues by over $52 billion over a 10-year period. There are 42 chemicals listed in section 4661(b). 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. The Infrastructure Investment and Jobs Act signed into law November 15, 2021, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. However, given the related compliance processes that need to be established (e.g., automating data capture, gathering exemption documentation, and return preparation and filing) and matters that need to be addressed (e.g, Form 637 registration and taxable substance listing), taxpayers should consider taking this opportunity to evaluate whether their overall SCET program is sufficiently robust and meets the greater needs of their organization for example, by reprioritizing activities within their project plans. The Superfund chemical excise taxes are reported on Form 6627, Environmental Taxes, which is attached to Form 720, Quarterly Federal Excise Tax Return. How to How to Turn Your Tweets Into LinkedIn and Instagram Social What is Document Processing? Superfund Tax Chemicals List According to the IRS, A taxable chemical is a chemical that is (i) listed in section 4661 (b), and (ii) manufactured or produced in the United The Superfund Tax rate for chemicals range from $048 per ton for nitric acid to $9.74 per ton for Benzene. Under what circumstances is registration required? Taxable Substances are items that use taxable chemicals to create a final product. Aside from this quarterly filing, taxpayers with a quarterly liability of greater than $2,500 will be required to make semi-monthly tax deposits of at least 95 percent of the net tax liability incurred during the tax period (unless a safe harbor The first quarterly Superfund Tax reporting on Form 720 is due October 31, 2022. Additionally the new legislation also decreased the threshold amount from 50% to 20% of See also section 4661(b) for the tax rate for taxable chemicals. Taxpayers do need to make semi-monthly deposits of the Superfund Tax, however, there is some relief available for missing payments through March 2023. 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. Managing Director, Excise Tax Practice National Leader, State and Local Tax Partner, Sales & Use Tax National Leader, Business Restructuring & Turnaround Services, Management Advisory & Performance Improvement, Total Tax Transparency & ESG Tax Strategy, Financial Institutions & Specialty Finance. For more information on cookies and how we use them, view our Cookie Policy. Statement in compliance with Texas Rules of Professional Conduct. (added June 24, 2022), Q12. July 1, 2021 thru June 30, 2022. Cherry Bekaert Advisory LLC and its subsidiary entities are not licensed CPA firms. Superfund Tax Chemicals List According to the IRS, 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. Below is the current list of taxable chemicals. 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. As we mentioned above, this tax is only for companies importing chemicals or hazardous substances on the list and filing an IRS Form 720. A Frequently Asked Questions (FAQ) page about the Superfund Excise Tax is available from the Internal Revenue Service: FAQ: IRS Issues Superfund Chemical Excise | Careers Petitions to Add Polyoxymethylene and Polyphenylene Sulfide. The Superfund excise taxes include two separate but interrelated excise taxes applicable to crude oil and petroleum products, chemicals, and hazardous substances, which fund the Hazardous Substance Superfund for the cleanup of hazardous waste sites. Even companies that have been on the market for decades may not have many employees who were around when the previous excise tax applied. Relief provided for Superfund chemical excise tax semimonthly deposits April 2022 In brief The Treasury Department and the IRS (collectively the IRS) have released Notice 2022-15, which provides relief for certain reinstated Superfund chemical excise taxes (SCET) from the penalty for failure to properly deposit imposed under With over 10 years of experience, Sales Tax Manager Elizabeth Perez Gonzalez specializes in sales and use tax services. 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. 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. 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. The money gathered from the taxes was used to fund the clean-up of hazardous waste disposal sites across the United States. The Infrastructure Investment and Jobs Act lowered this threshold to 20%. The Infrastructure Bill reinstated the Superfund Excise Taxes on chemicals and taxable substances, effective July 1, 2022. For example, methane or butane used as a fuel, or nitric acid, sulfuric acid, ammonia, or methane used in production of fertilizer are exempt. 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. $225 plus $0.073 per each acre-foot greater than 10 acre-feet. As a result, large and small companies alike who produce or import these chemicals or substances are about to be slammed with additional costs. Operating now under a new set of rules, organizations manufacturing or importing certain chemicals now face new tax challenges. A15. 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. 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. All rights reserved. Do Not Sell My Personal Information as to BDO Investigative Due Diligence. The IRS recently issued FAQs and published tax rates for 121 of the 151 taxable substances. These FAQs detail what the Superfund chemical excise tax is, how the tax is computed, and who may be liable for the tax. 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. $225 plus $0.073 per each acre-foot greater than 10 acre-feet. Infrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. - 2023 PwC. The Treasury Department and the IRS (collectively the IRS) have released Notice 2022-15, which provides relief for certain reinstated Superfund chemical excise taxes published tax rates for 121 of the 151 taxable substances. The IRS is expected to issue guidance prior to theJuly 1, 2022, effective date of the Superfund excise taxes. The exemptions identify taxable chemicals that are exempt due to their specific use. Any taxable chemical or substance also qualifies for a Superfund Tax Credit. These credits are accrued when a taxable chemical or taxable substance is exported. A Superfund tax is imposed when a taxable chemical is imported, or is domestically produced for sale or use unless an exemption applies. Substances are generally determined to be taxable if more than 20% of the weight or value of the materials used to produce the substance are taxable chemicals identified in IRC 4661. The infrastructure bill imposes taxes on certain chemicals and imported substances under Internal Revenue Code sections 4661 through 4672. For taxable substances, the importer of the taxable substance is responsible for reporting and paying the section 4671 tax to the IRS. 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 Superfund Tax that was established over two decades ago and taxed specific chemicals and hazardous substances has been restored after the passing of the Infrastructure Investment and Jobs Act last year. WebClaims for refund of excise taxes. Superfund Chemical Excise Taxes Effective July 1, 2022, excise taxes are reinstated on certain chemicals and imported chemical substances. A5. Cherry Bekaert is the brand name under which Cherry Bekaert LLP and Cherry Bekaert Advisory LLC provide professional services. Kti Chemicals Inc is a superfund site located at 1170 Sonora Ct, Sunnyvale, CA 94086. The Superfund chemical excise tax can affect a company even if it is not directly liable for the tax, because non-liable companies could still bear the economic cost of the tax passed on by suppliers. The new Superfund Chemical Tax, which is slated to expire on December 31, 2031, unless extended, is expected to yield $14.5 billion in fund revenue over the next decade or $1.44 billion each year on average. Since the Superfund excise tax expired almost three decades ago, the industrial chemical communitys familiarity with their application is attenuated at best. 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. The tax law is included in the Infrastructure Investment and Jobs Act that was signed into law on November 15, 2021. In order to pay for Please see www.pwc.com/structure for further details. Review your business processes, entities and products to determine the effect on contracts, invoicing, cost recovery, technology and potential future audits. These taxes expired more than 25 years ago. COPYRIGHT 2023 RKL. Pennsylvania Sales and Use Tax for Construction Contractors and Their Customers. The Superfund Excise Taxes are currently set to expire on December 31, 2031. If your company is liable, this will require compliance with semi-monthly tax deposit rules and quarterly tax return reporting requirements along with IRS registrations for certain exemptions. Part II of Form 6627, Environmental Taxes, will be updated to reflect the tax rate per ton of each taxable chemical. Due to the complicated nature of the tax assessments, and the detailed information required, gaps in existing systems and processes may exist. Sightline is a tax platform that makes the entire tax process more collaborative and insightful. That authority A9. If you would ike to contact us via email please click here. Her experience includes clients of all sizes from Fortune 500 firms to single location hospitals. 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. Let's talk about the history of the superfund tax and how it will affect companies in the motor fuel industry today. Superfund Excise Tax - What You Need to Know, This analysis is intended for informational purposes only and is not tax advice. The Superfund excise tax is currently set to expire on December 31, 2031. A diversity, equity and inclusion video series. 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. You Meta Believe the GDPR Penalties Are No Joke! The excise tax collection expired in 1995 but resumed on 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. 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. Any taxable chemical or substance also qualifies for a Superfund Tax Credit. Nashville | The Are Your Companys Year-End Compensation Accruals Tax Deductible? The Superfund Excise Tax on chemical sales is back! This ABA Tax Times article provides an illustration of the challenges faced by the oil and gas industry in applying one of these special rules related to two products derived from natural gas: methane and butane. A Superfund tax is imposed when a taxable chemical is imported, or is domestically produced for sale or use unless an exemption applies. The Anti-Money Laundering Act of 2020 Gets a Glow Up: Congress FINRA Files Amendments to Proposed Rule Change That Will Allow Remote Corporate Practice of Medicine Doctrine: Increased Enforcement on the Environmental Justice Update: EPA Announces $100 Million in EJ Grants Insurers Beware of Silent Crypto Exposure: PART III, Silent Crypto Court Rules that Brown Bread is Not Misleading, Whats Next in Washington? Permit & License. You will also have to determine how your company will pass on the tax to your customers. New Jersey enacted a new tax law (A.B. See the full disclaimer. Companies are likely to be caught off guard by this reinstated tax. The frequent and sizeable requirements of the reinstated superfund excise tax reporting can be burdensomeespecially for resource-constrained tax departments or those unfamiliar with the requirements. Originally, Superfund cleanups were funded through corporate and excise taxes, commonly referred to as Superfund taxes, focused on the petroleum and chemical industries. The initial list of 50 taxable substances is found in IRC 4672(a)(3). Aside from this quarterly filing, taxpayers Accordingly, the procedural rules in26 C.F.R. IRC section 4661(b) lists 42 chemicals that are once again subject to the Superfund Excise Tax effective July 1, 2022. 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. For tax advice, consult your tax adviser. 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. There is some ambiguity in the calculation of the tax on substances, but IRS Notice 2021-66 suggests that the default tax calculation will be 10 percent of the assessed import value. Substances treated as taxable will significantly increase over the pre-1996 levels, when the threshold determination only applied when more than 50% of the substances weight or value consisted of taxable 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. Kti Chemicals Inc is a superfund site located at 1170 Sonora Ct, Sunnyvale, CA 94086. Notice 2021-66 suspended the existing procedure inNotice 89-61for an importer or exporter to petition the IRS to add or remove substances from the list, pending the issuance of additional guidance. The tax Managing Licenses, Careers 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, With Congresss commitment to advanced biofuels found in the 2007 Energy Independence and Security Act, compelling incentives to invest in and support growth of biotechnologies has spurred record production You are responsible for reading, understanding and agreeing to the National Law Review's (NLRs) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. $300 plus $0.085 per each acre-foot greater than 10 acre-feet. For exporters, IRC 4662(e) provides for a refund of the Superfund Tax for both taxable chemicals and taxable substances that are exported. Webrate and the $0.164 per barrel petroleum Superfund tax rate. Any manufacturer, producer, or importer of a taxable chemical is subject to the superfund excise tax. 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 The Superfund Chemical Excise Tax is set to expire in 2031 and is expected to bring in an estimated $14 billion that will go to assisting the clean-up of hazardous waste disposal sites. Part 40regarding filing, deposits, and related procedural issues apply to companies subject to the reinstated Superfund excise taxes. Aerojets previous disposal and operating practices led to soil and groundwater contamination. More information about reliance is available. These FAQs were announced in IR-2022-131. Is there a way to check the status of an application for Activity Letter G registration? The excise tax was not only brought back, but the IIJA doubled the prior tax rate on chemicals. The Joint That authority expired in 1995. Notice 89-61provided guidance under the previously applicable Superfund excise tax. Reinstating the tax on chemicals will unduly burden consumers. Forty-two chemicals and 151 hazardous substances are taxable; however, each is taxed differently. 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. There are actually two types of Superfund excise taxes: a tax on the sale or use of chemicals by the manufacturer, producer or importer of those chemicals and a tax on the sale or use of imported substances comprised of more than 20 percent in weight or value of taxable chemicals. This would be for the periodJuly 1-September 30, 2022. What is a taxable substance? 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. It started with the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) of 19801986. Specifically, the due date for the deposit accelerates to the immediately preceding date that is not a Saturday, Sunday, or legal holiday. With world scale integrated manufacturing facilities we are Unless your company is a manufacturer or importer of chemicals and substances, there is no additional reporting required regarding the superfund excise tax. Ago, the industrial chemical communitys familiarity with their application is attenuated at best and processes may exist credits! $ 0.085 per each acre-foot greater than 10 acre-feet related procedural issues apply to companies subject to the excise... Further details operating now under a new tax law ( A.B listed section! Tax rate on site since 1953 listed in section 4661 ( b ) and paying section... The GDPR penalties are No Joke more collaborative and insightful described herein may not be for! 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