Assisting with filing refund claims and reporting requirements around exemption certificates. Nothing in the statute or in Notice 2021-66, for example, references manufactured items in the context of taxable substances. Prior to the expiration of the Superfund Excise Taxes, a chemical substance that was composed of at least 50% of chemicals listed in IRC section 4662 could be found to be a taxable substance. The U.S. Environmental Protection Agency (EPA) administered the expenditures and used the funds to clean up hazardous waste sites around the United States. L. 96- 510, 42 U.S.C. Taxpayers should be proactive and carefully analyze and consider the potential tax liabilities, tax reporting requirements, and systems impacts as a result. What Is the Difference Between a Grandfathered and a Grandmothered Health Plan? 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. Waters of the United States and Winston Churchill. The Superfund tax on chemicals is also a tax on the import of taxable substances. Multiple Concussions Result in Greater Cognitive Deficits, DOL Issues Internal Guidance on Telework Under the FLSA & FMLA, USPTO Launches Cancer Moonshot Expedited Examination Pilot Program. NLR does not answer legal questions nor will we refer you to an attorney or other professional if you request such information from us. Exceptional organizations are led by a purpose. Due to the complicated nature of the tax assessments, and the detailed information required, gaps in existing systems and processes may exist. Does the Supreme Court have the stomach to tackle the super fun SECs Pay vs. Accordingly, the procedural rules in26 C.F.R. Corporate A12. There are other exemptions as welle.g., for substances that have a transitory presence during the smelting or refining process, or substances derived from coalbut the IRS has yet to issue specific guidance on procedures for claiming these exemptions, so the best recourse available at the moment is to keep documentation that supports the companys intention to take advantage of applicable exemptions. 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. . Updated procedural guidance on how to request the determination has not yet been published by the IRS as of the date of this article. There are three ways to arrive at a tax determination for the Superfund Tax: 2. It states that it was Congress intent that taxable substances only include chemicals that are intended for further chemical conversion. From 1987 through 1995, an excise tax also applied to the sale by the manufacturer, producer or importer of 42 specified chemicals. Challenges to the No Surprises Act Continue: The Latest includes a Navigating Permissive State Laws in Light of the Federal Information FDA Publishes List of 2023 Priority Guidance Topics. The Superfund Excise Tax will go back into effect on July 1 st, 2022, after not being in place for over 26 years. When the IIJA reinstated these two taxes, it doubled the previous rates. No such update has been issued to date, however. If you require legal or professional advice, kindly contact an attorney or other suitable professional advisor. The new infrastructure bill revives the Superfund and will impose 42 new excise taxes on chemicals. When are the new Superfund Chemical Excise taxes due? As this question is likely to arise in the near future when the Superfund excise tax applies, the IRS can be expected to address this aspect. The taxes are set to be reinstated beginning on July 1, 2022. policy, Privacy When enacted, the Superfund was financed by environmental excise taxes on certain commonly used chemicals often found at Superfund sites. A substance may be removed from the list of taxable substances if the Secretary determines that taxable chemicals constitute 20 percent or less of the weight and 20 percent or less of the value of the materials used to produce the substance (determined on the basis of the predominant method of production). 2022 Superfund excise taxes. The Treasury Department and the IRS reportedly intend to update Notice 89-61 to reflect the changes made to Section 4672(a)(2) by the IIJA and to make other changes that may be necessary. Form 6627 must be filed alongside Form 720 on a quarterly basis. The list of 42 chemicals and their respective excise tax rates is found in Internal Revenue Code (IRC) 4661(b). Certain non-fuel and agricultural uses of some of these chemicals were exempted from the excise tax. The IRS is expected to issue guidance prior to theJuly 1, 2022, effective date of the Superfund excise taxes. Importers The Carter administration established the Superfund in 1980 to offset the high price tags associated with remediating uncontrolled or abandoned hazardous waste sites. The Superfund Excise Tax becomes effective on July 1, 2022. Expanded Employee Retention Credit (ERC) & how our professionals can assist you. The applicable tax for a hazardous substance depends on its chemical composition. How do I calculate the section 4661 tax? 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). 18I.R.S. chrigong@deloitte.com. 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. 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 Since its reinstatement, the excise tax has raised many questions and caused significant industry consternation. A6. 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. The superfund excise taxes will affect taxpayers that manufacture, produce, or import certain chemicals found in fuels and industrial products. A5. 3684 (Aug. 2, 2021). Notice 2021-66 suspended the procedure in Notice 89-61 because the IRS plans to issue a more current guidance on this matter. South Florida | The chemicals Superfund tax was initially enacted in 1980 as a response to high-profile environmental disasters relating to hazardous waste. White House Reviewing Proposed Regulations on Reinstated Superfund You Dont Need a Machine to Predict What the FTC Might Do About Is It Compensable? When the Superfund tax was last applied back in 1995, a taxable substance was required to have 50% of a chemical. Reg. A13. research, news, insight, productivity tools, and more. Yes. Prior to their expiration in 1995, the Superfund excise taxes were used to fund theHazardous Substance Superfund, established by theComprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA). Technology/systems impacts 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%. See section 4671(b)(1). The content and links on www.NatLawReview.comare intended for general information purposes only. statement, 2019 Unlike the static list of 42 taxable chemicals, the taxable substance list is subject to change. 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. The Superfund tax is assessed on the manufacturer or importer of these chemicals. 4671. Abusive Arbitrage Devices Its Time to Get Reacquainted (Episode 2 B&C Biobased and Sustainable Chemicals Practice Group Bergeson & Campbell, P.C. By this notice, the IRS gave notice of its intent to effect section 80201 (c) (1) of the IIJA, which reinstates the Superfund Chemicals tax effective July 1, 2022. Its also important to understand the tax calculation and reporting requirements and to align with other business functions to implement a process to meet data, process, and system requirements. We provide an overview of the origins of the Superfund Excise Tax and take a closer look at the revitalized tax (effective July 1, 2022), as included within the Infrastructure Investment and Jobs Act (the The Infrastructure Bill), signed into law on November 15, 2021.1 Through this lens, we highlight issues to consider in evaluating the Superfund tax on chemicals and chemical substances. The proposal would essentially create a new excise tax on the manufacture, production, or importation of 42 chemicals. Deloitte Tax IRS issues Superfund chemical excise tax rates IR-2022-132, June 24, 2022 WASHINGTON The Internal Revenue Service announced today that it has prescribed tax rates for 121 taxable substances that are subject to the Superfund chemical excise tax imposed by section 4671 (a) of the Internal Revenue Code (Code). In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. The Superfund Tax is effective as of July 1, 2022 and will remain in effect until 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. Notice 2021-66 does not specify the tax rate for each taxable substance. DeloitteTax corporations, For Litigation Setback for Employers Under Illinois Biometric Information Senate Committee Holds Hearing on Future of Low Carbon Transportation North Carolina Senate Passes Compassionate Care Act at Exactly 4:20 States and Feds Signal Big Changes to Telehealth Prescribing. A2. The Infrastructure Bill lowered this threshold to 20%. At what point in a transaction do the new taxes kick in? Assisting with filing the federal excise tax returns and semi-monthly deposit reporting. 117-58 (2021). 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. Form 6627, Environmental Taxes, previously used to report the Superfund Tax, will likely be used again to report the tax owed. Customer Reviews: Five-Star Enforcement and the Expanding Regulations. A10. The Reinstated Superfund Excise Taxes. The chemicals selected to be subject to the fee were based on two categories: petrochemical feedstocks and inorganic raw materials. Temporary relief from the penalty for failure to deposit Superfund chemical taxes for 2022 (third and fourth calendar quarters) and the first calendar quarter of 2023 is inNotice 2022-15. Taxable substances are defined inSection 4672as any substance that, at the time of sale or use by the importer, is listed as a taxable substance. A14. Houston | The "Superfund Tax" is comprised of two separate taxesone covering the sale or use of taxable chemicals "by the manufacturer, producer, or importer thereof" pursuant to 26 U.S.C. The relevance of this guidance to the new tax is unclear. A15. A8. National Law Review, Volume XII, Number 139, Public Services, Infrastructure, Transportation, Mandatory Arbitration Agreements Remain Valid in California, Antitrust Practitioners Expect Activity With Climate Issues. 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. Charlotte | Accordingly, a manufacturer, producer, or importer of a taxable chemical is subject to the section 4661 tax on the sale or use of the taxable chemical on or after July 1, 2022. L. 99-499, approved Oct. 17, 1986. How do I calculate the section 4671 tax? (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. management, Document 52.4661-1 4662-4, 48 Fed. Implications of the revitalized Superfund tax for chemicals has been saved, Implications of the revitalized Superfund tax for chemicals has been removed, An Article Titled Implications of the revitalized Superfund tax for chemicals already exists in Saved items. (added June 24, 2022), Q4. 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. It is critical to Update company information systems to collect the transaction and master data needed to comply with the Superfund Tax. 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). Analyzing Superfund Excise Tax calculations and reporting requirements based on a companys unique business scenario. customs, Benefits & Please see links for details: Learn more about Superfund Excise Tax changes effective July 1, 2022, including key considerations for dealings with the reinstated Superfund Tax on chemicals and substances. services, Comprehensive Environmental Response Compensation, and Liability Act of 1980 (CERCLA). BIPA ALERT: Illinois Supreme Court Opens the Door to Punitive, President Biden to Nominate Julie Su as New Secretary of Labor, The European Unitary Patent: Why Retailers Should Care, New York City Employers Prepare for AI Bias Law [VIDEO], Administration's WOTUS Rule Muddies Jurisdictional Waters. 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. Are semimonthly deposits required? Until then, companies may take the IRS previous position as an indication of how it is likely to view articles and fabricated products under the current Superfund excise tax. brands, Corporate income As defined, the taxable substances appear to stop short of what would be defined as an article according to40 C.F.R. The original Hazardous Substance Superfund trust was established to pay for the hazardous-substance cleanup program created by the Comprehensive Environmental Response Compensation, and Liability Act of 1980 (CERCLA) The IIJA reinstates the cleanup program until 2031, and the taxes collected are expected to total more than $14 billion over the next ten years. 12I.R.S. 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. Taxpayers may petition the IRS to determine whether a substance falls within the taxable substances list. Reminder: High-Earning Exempt Professionals Must Be Paid a "True Gold Dome Report Legislative Day 24 (2023). management, More for accounting 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. Reg. (added June 24, 2022), Q15. 23I.R.C. President Joe Biden called for reinstating the Superfund taxes as part of his $2 trillion infrastructure proposal . Your online resource to get answers to your product and In Notice 2021-66 (released December 14, 2021), the IRS provided guidance on Superfund excise taxes, which are reinstated as of July 1, 2022, under the Infrastructure Investment and Jobs Act (IIJA) (see Tax Alert 2021-2059).. Notice 2021-66 does the following: Updates the list of taxable substances under IRC Section 4672(a), which had expired on December 31, 1995 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 . 10I.R.C. 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. governments, Explore our The National Law Review - National Law Forum LLC 3 Grant Square #141 Hinsdale, IL 60521 Telephone (708) 357-3317 ortollfree(877)357-3317. Comprehensive 3S. When is the first return due? (added June 24, 2022), Q9. When expanded it provides a list of search options that will switch the search inputs to match the current selection. The rate of excise tax per ton is based on the amount of each chemical included in the substance. 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. Thomson Reuters/Tax & Accounting. The excise taxes are effective July 1, 2022. As explained in today's IRS release: 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. Part of the Tax News & Views podcast series. The Notice essentially allows taxpayers untilOctober 31, 2022, to determine whether a Superfund excise tax applies and to calculate how much taxed is owed. No. Butane and methane users It is unclear whether and how the statute means to differentiate a substance from an article, and if so, whether the IRS would apply the definition of article under the Toxic Substances Control Act (TSCA). The return of the chemical excise tax affects taxpayers that manufacture, produce, or import certain chemicals, as Superfund Chemical Taxes are imposed on the sale of 42 specific chemicals (Taxable Chemicals) listed in 4661 (Chemical Sales Excise Tax), including ammonia, butane, benzene, mercury, and other common chemicals. This would make the first tax deposit covering thefirst half of July 2022due byJuly 29, 2022. 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. Heavy metals, halogens, acids, and bases are significant raw materials for many toxic inorganics.) IRC section 4662 directs the IRS to release guidance as to the appropriate manner of reporting exempt sales or claiming refunds. industry questions. On November 15, 2021, President Biden signed into law theInfrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. The term "ton" is. Taxpayers with a quarterly liability greater than $2,500 will be required to make semi-monthly tax deposits of the tax. 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. 4662(b)(1). : Advanced Marketing Compels Trial on Arbitration in a TCPA Health Plans Gag Clause Attestations Due December 31, 2023. Richmond | 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. 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. Exporters A Superfund excise tax on chemicals has been signed into law and went into effect on July 1, 2022. 19I.R.C. The tax is assessed based on the amount per ton sold by the taxpayer, with applicable tax rates ranging from $0.44 per ton to $9.74 per ton. Congress set up a trust fund, or "Superfund," to clean up and mitigate environmental damage using new taxes imposed on 42 taxable chemicals that Congress identified as having the potential to cause harm upon improper handling or disposal. 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. The taxes had previously expired on Dec. 31, 1995, but were reinstated as part of the infrastructure legislation signed by President Biden in November 2021. . 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). Analyzing transactional and master data gaps given existing company system capability and data quality. The term " Superfund " refers to chemical excise taxes imposed by the IRS on certain domestically produced and imported chemicals, and imported substances. To obtain certainty prior to IRS issuing guidance on this matter, companies that import taxable substances as part of articles can seek clarification from the IRS. Fullwidth SCC. 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. 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. 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). After more than 25 years, two excise taxes on chemicals and imported hazardous substances were reinstated in the Infrastructure Investment and Jobs Act (Pub. 3. 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. This assessment should include a review of the transaction life cycle, master data setup, cost computation and recognition, and general entry posting. 4671(b)(2). It is critical for companies to engage in discussions with their IT departments early to prepare for the new reporting requirements. When do the Superfund chemical excise taxes go into effect? Do Issuers Fail To File Form Ds Because They Fear Trolls? These substances consist generally or partially of chemicals listed in Section 4661. | Privacy Policy Explore Deloitte University like never before through a cinematic movie trailer and films of popular locations throughout Deloitte University. 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. On November 15, 2021, President Biden signed into law the Infrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. They were reinstated by section 80201(c)(3) of the Infrastructure Investment and Jobs Act (Public Law 117-58, 135 Stat. See also section 4661(b) for the tax rate for taxable chemicals. consulting, Infrastructure Investment and Jobs Act (IIJA), passed last November, the Internal Revenue Service (IRS) has reinstated the. The unique considerations of butane and methane require taxpayers further down the supply chain to be aware of the procedural issues affecting chemicals. Substances. The petrochemical feedstocks were simpler to identify given the processes involved and included toluene, xylene, naphthalene, benzene, butylene, butadiene, butane, ethylene, propylene, carbon black, and methane. IRC section 4662(e) provides for a refund of the Superfund Excise Tax for the exporter of both taxable chemicals and taxable substances. Statement in compliance with Texas Rules of Professional Conduct. 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. msulayman@deloitte.com, Stephane Lunan Effective July 1, 2022, as required by the Infrastructure Investment and Jobs Act (IIJA)passed last November, the Internal Revenue Service (IRS) has reinstated the Superfund Chemical Excise Tax on a wide range of chemicals and substances. (added June 24, 2022), Q13. Beginning July 1, 2022, a federal excise tax, commonly referred to as the "Superfund Tax," went into effect. See how we connect, collaborate, and drive impact across various locations. To apply to participate in tax-free sales of intermediate hydrocarbon streams containing organic taxable chemicals or tax-free inventory exchanges of taxable chemicals, file Form 637, Application for Registration (For Certain Excise Tax Activities) with activity letter G. Page Last Reviewed or Updated: 04-Jan-2023, Request for Taxpayer Identification Number (TIN) and Certification, Employers engaged in a trade or business who pay compensation, Electronic Federal Tax Payment System (EFTPS), Self-Employment Tax (Social Security and Medicare Taxes), Form 720, Quarterly Federal Excise Tax Return, Form 637, Application for Registration (For Certain Excise Tax Activities), Treasury Inspector General for Tax Administration. Superfund Chemical Excise Taxes Effective July 1, 2022, excise taxes are reinstated on certain chemicals and imported chemical substances. GT's The Performance Review Episode 19: Is the Fight Over AB 51 5 Reasons Community Associations Need an Attorney That Specializes in New York Proposes Regulatory Review and Approval of Material Health CMS Issues Long-Awaiting Medicare Advantage RADV Final Rule, Preventing the Use of Cryptocurrencies to Evade Sanctions. environment open to Thomson Reuters customers only. Get the insight and tools you need to fully understand and comply with changes resulting from this major tax reform. Notice 89-61provided guidance under the previously applicable Superfund excise tax. The Superfund Chemicals tax previously expired in 1995. However, the first deposit of Superfund Tax is due as early as July 29, 2022. These FAQs were announced in IR-2022-131. Strictly Confidential? Otherwise, companies risk finding out about this tax when they are audited and risk becoming liable for penalties. SaraBeth Smith (a) General rule There is hereby imposed a tax on any taxable chemical sold by the manufacturer, producer, or importer thereof. . These taxes were in place until 1995 to fund the Federal Hazardous Substance Superfund, but expired in 1995. 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 . Federally Recognized Holidays, Employer Considerations for DOLs New AEWR Rule. This current iteration is set to expire on December 31, 2031. technology solutions for global tax compliance and decision Instead, Section 4671(b) provides that the amount of tax imposed with respect to any taxable substance is equal to the amount of tax that would have been imposed by Section 4661 on the taxable chemicals used as materials in the manufacture of the taxable substance, if such taxable chemicals had been sold in the United States for use in the manufacture or production of the taxable substance. 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. For each taxable substance list is subject to the new tax is due as early as 29! Be filed alongside form 720 on a quarterly basis last applied back in 1995, a taxable.! Reinstated these two taxes, it doubled the previous rates Biden called for reinstating the Superfund.. Popular locations throughout Deloitte University nor will we refer you to an attorney or other professional if require. Its chemical composition intent that taxable substances taxpayers further down the supply chain to be aware of procedural. Two categories: petrochemical feedstocks and inorganic raw materials for many toxic inorganics. inorganics. updated procedural guidance how!, produce, or importation superfund excise taxes on chemicals 42 chemicals was required to have %... Connect, collaborate, and systems impacts as a response to high-profile Environmental disasters to. Irc ) 4661 ( b ) companies to engage in discussions with their it departments to! Capability and data quality Advanced Marketing Compels Trial on Arbitration in a TCPA Health Gag... Iija reinstated these two taxes, superfund excise taxes on chemicals used to report the Superfund in 1980 as response... 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To fully understand and comply with changes resulting from this major tax.. & how our professionals can assist you collaborate, and the Expanding Regulations the super fun SECs vs. Specified chemicals IRS to determine whether a substance falls within the taxable substances include. Inorganic raw materials for many toxic inorganics. 50 % of a chemical respective excise tax also to... Questions nor will we refer you to an attorney or other professional if you require or. For reinstating the Superfund tax was last applied back in 1995, a substance! Deloitte University like never before through a cinematic movie trailer and films of popular locations Deloitte... Categories: petrochemical feedstocks and inorganic raw materials require taxpayers further down supply... Response to high-profile superfund excise taxes on chemicals disasters relating to hazardous waste sites of professional Conduct that applied from through. 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