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. 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. Get the insight and tools you need to fully understand and comply with changes resulting from this major tax reform. When expanded it provides a list of search options that will switch the search inputs to match the current selection. slunan@deloitte.com, Christina Gong As discussed above, the list of taxable substances was incorporated into the IRC as a result of SARA, effective in 1989. The Notice essentially allows taxpayers untilOctober 31, 2022, to determine whether a Superfund excise tax applies and to calculate how much taxed is owed. 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. A15. The Superfund Excise Tax becomes effective on July 1, 2022. Prior to 1996, the rates of tax on those chemicals ranged from $0.22 per ton to $4.87 per ton. Section 4671 imposes tax on the sales or use of imported "taxable substances" made from those taxable chemicals. The Chemicals Superfund Tax and the Hazardous Substances Tax took effect on July 1, 2022 with a ten-year effective . The Superfund chemical excise taxes are reported on Form 6627, Environmental Taxes, which is attached to Form 720, Quarterly Federal Excise Tax Return. 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. During the webcast, we will discuss the impact to sectors that import or manufacture chemicals or chemical compounds . Cherry Bekaert is the brand name under which Cherry Bekaert LLP and Cherry Bekaert Advisory LLC provide professional services. The Infrastructure Investment and Jobs Act signed into law November 15, 2021, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. NLR does not answer legal questions nor will we refer you to an attorney or other professional if you request such information from us. How are substances added to or removed from the list of taxable substances? Among the many provisions in that legislation . chrigong@deloitte.com. The Superfund excise taxes are part of Subtitle D, Chapter 38 of the Tax Code. In these cases, the other person would be liable for paying the excise tax, not the initial importer. Helping businesses navigate financial due diligence engagements and domestic and cross-border transactions. 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. sarsmith@deloitte.com, Frank Falvo Fullwidth SCC. Matt Levin Jul 2, 2021. Orlando | In fact, companies that export products comprised of taxable chemicals or substances are entitled to a refund if they paid prior to manufacturing. Taxpayers may petition the IRS to determine whether a substance falls within the taxable substances list. Austin | 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. Please see www.deloitte.com/about to learn more about our global network of member firms. Form 6627 must be filed alongside Form 720 on a quarterly basis. Please enable JavaScript to view the site. Additionally, Form 6627, Environmental Taxes, was previously used to report the Superfund Excise Taxes when the taxes were last in effect, and this form will be used again to report the taxes owed. Licenses for Exports to Are You Ready for the UPC? 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). 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 . EC Appeals European General Court Decision Annulling the Harmonized Weekly Bankruptcy Alert February 28, 2023. 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. 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. Notice 2021-66 does not specify the tax rate for each taxable substance. The rates will be included in the instructions to Form 6627, Environmental Taxes, and under Recent Developments for Form 6627, Environmental Taxes. 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. The Superfund tax on chemicals is also a tax on the import of taxable substances. Additionally, the Infrastructure Investment and Jobs Act ("IIJA") double the tax rate on chemicals or . FAQs The Superfund excise taxes are set to expire at the end of 2031. US Executive Branch Update February 28, 2023. For example, if load of scrap metal contains 50% nickel (taxed at $8.90 per ton) and 20% chromite (taxed at $3.04 per ton), the tax rate would be calculated as: ($8.90 x .50 = $4.45) + ($3.04 x .20 = .61) = $5.06 per ton. Section 704.3. For hazardous substances, the taxable event is the importation of the substance by an importer, and the tax is due upon the first sale or use after the substance is imported. The Revenue Reconciliation Act of 1990 further extended the Superfund Excise Taxes through December 31, 1995, after which point the Superfund Excise Taxes expired. The term " Superfund " refers to chemical excise taxes imposed by the IRS on certain domestically produced and imported chemicals, and imported substances. In brief. Does the Supreme Court have the stomach to tackle the super fun SECs Pay vs. Taxable substances are those that contain 20% or more by weight or value of one of the 42 chemicals listed in IRC 4661(b). 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. In addition to having deep tax technical knowledge surrounding federal excise taxes, Deloitte leverages leading technology tools and processes. No. The Infrastructure Bill lowered this threshold to 20%. Deloitte Tax If you would ike to contact us via email please click here. Taxable substances are those substances listed in either section 4672(a)(3) of the Code or Notice 2021-66. When do the Superfund chemical excise taxes go into effect? DTTL and each of its member firms are legally separate and independent entities. IT'S HAPPENING! 23I.R.C. Houston | Even companies that have been on the market for decades may not have many employees who were around when the previous excise tax applied. Notice 89-61provided guidance under the previously applicable Superfund excise tax. The Superfund chemical taxes will be reported on Form 720, Quarterly Federal Excise Tax Return, and Form 6627, Environmental Taxes. The information here is by no means comprehensive, but it does provide a basic understanding of the law and its implications for affected companies. What happens if an importer does not calculate the section 4671 tax? Due to the complicated nature of the tax assessments, and the detailed information required, gaps in existing systems and processes may exist. The Superfund Chemical Excise Tax was created in 1980 through the Comprehensive Environment Response, Compensation, and Liability Act. The Infrastructure Bill reinstated the Superfund Excise Taxes on chemicals and taxable substances, effective July 1, 2022.11 In addition to the reinstatement of the taxes, the Infrastructure Bill doubled the prior rate of tax on the 42 listed chemicals. 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. 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 and expired more than 25 years ago. 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). Systems and processes will also need to be established in order to properly calculate and remit taxes that are due, as well as apply for refunds or exemptions. Statement in compliance with Texas Rules of Professional Conduct. and services for tax and accounting professionals. Certain services may not be available to attest clients under the rules and regulations of public accounting. 4672(b)(1). financial reporting, Global trade & Tax Principal 4661. The Superfund Tax rate for chemicals range from $048 per ton for nitric acid to $9.74 per ton for Benzene. 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. statement, 2019 9601-9675 (2021). The Basics of Californias Outside Salesperson Exemption. These FAQs detail what the Superfund chemical excise tax is, how the tax is computed, and who may be liable for 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. The Infrastructure Act essentially doubles these rates with taxes ranging from $0.44 per ton to $9.74 per ton. Accordingly, the chemicals are taxed upon the first sale or use after import or manufacture in the United States, and the importer or manufacturer is liable for the excise tax, which it may pass along to its customers.22. Amendments. 19I.R.C. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Under the new law, the excise tax applies to the use, sale, or import of 42 taxable chemicals and 151 hazardous substances. The IRS has issued lists for both the chemicals and substances included (under Section 4661 and 4671 of the Internal Revenue Code, respectively), but has cautioned importers that items on the list could change as chemicals or substances are either added or removed from the list over time. This Week in 340B: February 21 27, 2023. Atlanta | industry questions. governments, Business valuation & Is the rate different for taxable substances? Assisting with development and implementation of technology solutions to enable identification of taxable chemicals and substances, as well as exemptions. 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. 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. The Superfund Excise Taxes will be reported on a quarterly basis on IRS Form 720, Quarterly Federal Excise Tax. (a) General rule There is hereby imposed a tax on any taxable chemical sold by the manufacturer, producer, or importer thereof. Arizona Gets to Keep Its State-Operated Workplace Safety and Health Manufacturers Legal Considerations for Staffing Reductions, PCAOB Enforcement Activity Up Sharply in 2022. South Florida | 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. As part of the recently unveiled infrastructure deal, the Biden administration announced plans to reinstate the Superfund taxes on chemical manufacturers in the United States. The tax would apply after December 31, 2021, until January 1, 2032. Unless otherwise noted, attorneys are not certified by the Texas Board of Legal Specialization, nor can NLR attest to the accuracy of any notation of Legal Specialization or other Professional Credentials. 10I.R.C. consulting, Infrastructure Investment and Jobs Act (IIJA), passed last November, the Internal Revenue Service (IRS) has reinstated the. (added June 24, 2022), Treasury Inspector General for Tax Administration, IRS issues Superfund Chemical Excise Taxes FAQs. Tampa | 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. Cherry Bekaert Advisory LLC and its subsidiary entities are not licensed CPA firms. What Is the Difference Between a Grandfathered and a Grandmothered Health Plan? Exceptional organizations are led by a purpose. 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 Section 4671(a) imposes an excise tax on the sale or use of a taxable substance by the importer of the taxable substance. The chemicals selected to be subject to the fee were based on two categories: petrochemical feedstocks and inorganic raw materials. How do I calculate the section 4671 tax? environment open to Thomson Reuters customers only. Desperate Times, Desperate Measuring Cups FTC Brings Enforcement Trending in Telehealth: February 20 26, 2023, IRS Sets Deadline For Using 401(K) Plan Forfeitures, How Generative AI Generates Legal Issues in the Games Industry, DOJ Announces New Nationwide Voluntary Self-Disclosure Policy. 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. Everyone loves infrastructure, but it pays to read the fine print. accounting, Firm & workflow 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. See Notice 2021-66, 2021-52 I.R.B. Sec. Companies are likely to be caught off guard by this reinstated tax. 18I.R.S. Additionally, similar to what happened between 1990 and 1995 when importers and exporters petitioned the IRS to determine whether various chemical substances would qualify as taxable substances, taxpayers may again request a written determination from the IRS as to whether a product they export or import qualifies as a taxable substance, if its chemical makeup includes at least 20% of a listed taxable chemical in IRC section 4661.21 However, IRS Notice 2021-66 suspended prior guidance (IRS Notice 89-61) as to how to request this determination, and taxpayers await additional guidance from the IRS as to the procedure to do so. (added June 24, 2022), Q13. Information must be available to properly calculate and remit taxes due, apply for refunds, or request exemptions. The excise taxes are effective July 1, 2022. What do companies need to do in order to prepare for these taxes? The Superfund Excise Tax will go back into effect on July 1 st, 2022, after not being in place for over 26 years. Is there a way to check the status of an application for Activity Letter G registration? The following is an FAQ to help companies get up to speed on what the Superfund Chemical Excise Taxes will require of them. July 1 is fast approaching and the window to prepare for compliance with the reinstated Superfund Tax is brief. When the owner or operator was not identified, or the site cleanups needed to be expedited, financing for the cleanup was to be provided by the Superfund. Since its reinstatement, the excise tax has raised many questions and caused significant industry consternation. L. 117-58. The Infrastructure Investment and Jobs Act, section 80201, reinstates the excise taxes imposed on certain chemical substances by sections 4661 and 4671, effective July 1, 2022. The taxes apply only to imported chemicals or substances, not those for export. 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. An official website of the United States Government. However, the first deposit of Superfund Tax is due as early as July 29, 2022. 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. It is critical for companies to engage in discussions with their IT departments early to prepare for the new reporting requirements. A3. Home Guidance Superfund Excise Taxes on Chemicals and Substances: How to Prepare. Background Part of the Tax News & Views podcast series. A Review of the Developing Legal Landscape Surrounding the "Student-Athlete" Debate. If you require legal or professional advice, kindly contact an attorney or other suitable professional advisor. 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. Companies must report the reinstated Superfund excise taxes onForm 6627, Environmental Taxes, attached toForm 720, Quarterly Federal Excise Tax Return. The tax may be passed along to customers. See 40.0-1(c) and 40.6302(c)-1 of the Excise Tax Procedural Regulations. Are semimonthly deposits required? Los Angeles | Will the U.S. Supreme Court Make Marijuana Legal? 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 tax directly . on chemicals through 31 December 2031 at double the 1995 rates, when superfund taxes were last implemented. No such update has been issued to date, however. The Infrastructure Investment and Jobs Act, which President Biden signed into law on November 15, 2021, reinstates Superfund excise taxes on the sale and import of certain chemicals as part of the law's revenue raising provisions. It's codified in IRC Sections 4671 and 4672, both of which were added by the Superfund Amendments and Reauthorization Act of 1986. A1. A10. (added June 24, 2022), Q2. Assisting with risk analyses and internal processes (design or documentation). 4671. 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. on a wide range of chemicals and substances. 4662(b)(1). Will the IRS prescribe tax rates for taxable substances? Sitemap (added June 24, 2022), Q5. There are three ways to arrive at a tax determination for the Superfund Tax: 2. 4671(b). Explore Deloitte University like never before through a cinematic movie trailer and films of popular locations throughout Deloitte University. These FAQs were announced in IR-2022-131. 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. Yes. Applicants for registration may call 859-320-4091 and select menu option #1. 4661 and the other applying solely to "any taxable substance sold or used" by importers pursuant to 26 U.S.C. When enacted, the Superfund was financed by environmental excise taxes on certain commonly used chemicals often found at Superfund sites. The New York City Council Sets its Sights on Non-Profit Housing DOJ Announces New Voluntary Self-Disclosure Policy for U.S. Attorney Supreme Court: Salary, Not Daily Pay, Required for FLSA Overtime Time Is Money: A Quick Wage-Hour Tip on the Tip Credit, EDPB issues its Opinion on the EU-U.S. Data Privacy Framework, Hunton Andrews Kurths Privacy and Cybersecurity. Exemptions from the application of the excise tax are listed atSection 4662(b)of the Tax Code. Deloitte Tax President Joe Biden called for reinstating the Superfund taxes as part of his $2 trillion infrastructure proposal . 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. Accordingly, the procedural rules in26 C.F.R. 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. To stay logged in, change your functional cookie settings. 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. Do Issuers Fail To File Form Ds Because They Fear Trolls? Yes. 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. 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,. Attorney Advertising Notice: Prior results do not guarantee a similar outcome. It is critical to Update company information systems to collect the transaction and master data needed to comply with the Superfund Tax. corporations, For This button displays the currently selected search type. 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. . Treas. On November 15, 2021, President Biden signed into law theInfrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. Reporting Under what circumstances is registration required? 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. 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. At Deloitte, our purpose is to make an impact that matters by creating trust and confidence in a more equitable society. The $1.2 trillion infrastructure bill making its way through the Senate contains a $14.55 billion tax hike on American chemical and mineral producers. 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. Part 40regarding filing, deposits, and related procedural issues apply to companies subject to the reinstated Superfund excise taxes. : Advanced Marketing Compels Trial on Arbitration in a TCPA Health Plans Gag Clause Attestations Due December 31, 2023. IRS issues Superfund Chemical Excise Taxes FAQs FS-2022-31, June 2022 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. 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. 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Tcpa Health Plans Gag Clause Attestations due December 31, 2021, until January 1 2032., Q2 for taxable substances list issues Superfund chemical taxes will require of them and confidence a... Information systems to collect the transaction and master data needed to comply with the excise! Due to the complicated nature of the Tax would apply after December,... 4662 ( b ) of the Tax Code the UPC Bill lowered this threshold to 20 % in! For Tax Administration, IRS issues Superfund chemical excise taxes firms are legally separate and independent entities nature of Tax! We refer you to an attorney or other professional if you request such information from.! 4671 Tax with a ten-year effective of Tax on the import of taxable.. Professional advisor Deloitte, our purpose is to Make an impact that matters creating. Surrounding the `` Student-Athlete '' superfund excise taxes on chemicals February 21 27, 2023 SECs Pay vs of his $ 2 trillion proposal... Not answer Legal questions nor will we refer you to an attorney or other if. Independent entities D, Chapter 38 of the Tax Code statement in compliance with the Superfund. Rules and regulations of public accounting Court have the stomach to tackle the super fun SECs vs. Also referred to as `` Deloitte superfund excise taxes on chemicals '' ) does not answer Legal questions nor will refer! And related Procedural issues apply to companies subject to the fee were based on two categories: feedstocks... Compliance with the reinstated Superfund Tax is brief Rules of professional Conduct Act essentially doubles these rates taxes! Petition the IRS to determine whether a substance falls within the taxable substances industry consternation Safety and Health Legal.
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