Semi-monthly deposits are required, however. This new tax does not need to add additional costs to your products. 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. 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. As a result, Notice 2022-15 provides that SCET taxpayers will be deemed to have satisfied the reasonable cause standard and no Section 6656 penalty will be imposed if (1) the taxpayer makes semimonthly deposits of SCET, even if in the incorrect amount, and (2) any deposit underpayment is paid in full by the due date for filing the Form 720, Quarterly Federal Excise Tax Return, for the applicable quarter. More. 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. Pending further guidance, the previously published tax rates, adjusted for the IIJA increases, and the examples outlined in Notice 89-61 could be helpful in calculating the tax on taxable substances and the potential tax exposure if a substance is subsequently added to the list. For consideration: Notice 2022-15 provides notable relief for taxpayers during these initial quarters. 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? There are two ways a substance can be added to or removed from the list of taxable substances pursuant to section 4672(a)(2) and (4). Kti Chemicals Inc is a superfund site located at 1170 Sonora Ct, Sunnyvale, CA 94086. (added June 24, 2022), Q11. 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. Some companies did not yet exist when the previous excise tax applied and have no experience with the old tax and thus no internal processes for determining their liability for the Superfund excise tax. Due to the complicated nature of the tax assessments, and the detailed information required, gaps in existing systems and processes may exist. If your organization believes it may be subject to the reinstated Superfund Excise taxes, be prepared to begin reporting on chemical use. FS-2022-31, June 2022. The Notice essentially allows taxpayers untilOctober 31, 2022, to determine whether a Superfund excise tax applies and to calculate how much taxed is owed. (added June 24, 2022), Q3. Certain non-fuel and agricultural uses of some of these chemicals were exempted from the excise tax. Notice 2021-66 does not specify the tax rate for each taxable substance. 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. The table below outlines products that are impacted by this excise tax. The information contained herein is of a general nature and based on authorities that are subject to change. Navigating the complex terrain of excise taxation and uncovering opportunities, Stay informed on excise tax-related news with ourKPMG TaxNewsFlasharchive. July 1, 2021 thru June 30, 2022. Stephanie provides tax planning and compliance services to corporations, pass-through entities and individuals. 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. 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. Section 704.3. The IIJA also reinstated the Superfund excise tax on the import for sale or use of any taxable substance underSection 4671of the Tax Code. With over 10 years of experience, Sales Tax Manager Elizabeth Perez Gonzalez specializes in sales and use tax services. The money gathered from the taxes Inferences, however, can be made from the absence of any mention in the law. Policy on Demand is a news platform that provides in-depth insights and analysis on policy developments that impact your business. Companies must report the reinstated Superfund excise taxes onForm 6627, Environmental Taxes, attached toForm 720, Quarterly Federal Excise Tax Return. The Superfund chemical excise taxes are reported on Form 6627, Environmental Taxes, which is attached to Form 720, Quarterly Federal Excise Tax Return. All rights reserved. Such exemptions include methane or butane used as a fuel, chemicals used in the production of fertilizer (including nitric acid, sulfuric acid, ammonia, or methane) and substances derived from coal. 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. If your company is a business that manufactures, produces or imports any of the listed chemicals or substances, determine your liability for the taxes. 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. Statement By Secretary Walsh On the Telecommunications Workforce EPA Announces Appointments to Local Government Advisory Committee. The Treasury Department and the IRS (collectively the IRS) have released Notice 2022-15, which provides relief for certain reinstated Superfund chemical excise taxes Permit & License. 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 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. For example, butane and methane are exempt if used in fuel but not if they are used for other purposes. These FAQs detail what the Superfund chemical excise tax is, how the tax is computed, and who may be liable for the tax. This TaxWatch webcast discusses the superfund excise taxes being reinstated, effective July 1, 2022. The money gathered from the taxes was used to fund the clean-up of hazardous waste disposal sites across the United States. . BDOs excise tax professionals can help affected companies by performing a phased approach to determining the impact of the Superfund chemical excise taxes on your business. The exemptions identify taxable chemicals that are exempt due to their specific use. 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. See the full preliminary list in Internal Revenue Code 4661, 4671, 4672; Notice 2021-66. The Inflation Reduction Act (Pub.L. The Superfund Chemicals Excise Tax Makes a Comeback. The first quarterly Superfund Tax reporting on Form 720 is due October 31, 2022. FS-2022-31 (Issued 6/24/2022), IRS issues Superfund Chemical Excise Taxes FAQs ( Link) Rev. Charter is different from tax teams because we dont just focus on compliance we also find the credits your company qualifies to receive. 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. See also section 4661(b) for the tax rate for taxable chemicals. See Section 4671(b)(2). However, Notice 2022-15, 2022-18 I.R.B. The Superfund chemical excise taxes previously expired on December 31, 1995. Chicago | An official website of the United States Government. As noted above, importers are not required to use the IRS-prescribed tax rates for the section 4671 tax and may calculate their own rates. All rights reserved. Austin | 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 That tax expired in 1995, but was partially reinstated on November 15, 2021, when President Biden signed the Bipartisan Infrastructure Law into law. 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. 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. The Superfund taxes are expected to generate approximately $14.5 billion over a 10-year period. 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. 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. The Infrastructure Investment and Jobs Act signed into law November 15, 2021, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. 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. 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. A10. Providence | This would be for the periodJuly 1-September 30, 2022. That penalty can be avoided if the taxpayer demonstrates that the failure was due to reasonable cause and not due to wilful neglect. Acetylene Benzene Butane Butylene Butadiene If these deposits are missing, there is temporary relief until March 2023, which includes the third and fourth quarters of 2022 and the first quarter of 2023. 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. 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 2021. For example, methane or butane used as a fuel, or nitric acid, sulfuric acid, ammonia, or methane used in production of fertilizer are exempt. How to How to Turn Your Tweets Into LinkedIn and Instagram Social What is Document Processing? 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 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. Yes. The IRS is expected to issue guidance prior to theJuly 1, 2022, effective date of the Superfund excise taxes. System and Organization Control Reporting (SOC), GDPR General Data Protection Regulation. This would make the first tax deposit covering thefirst half of July 2022due byJuly 29, 2022. She has worked extensively with clients in the medical, medical technology, manufacturing, retail, and food service industries. Specifically, the due date for the deposit accelerates to the immediately preceding date that is not a Saturday, Sunday, or legal holiday. 2022-19: Relief for S Corporation Owners, Financial Secrecy Under Attack in the United States: Final Regulations Issued for Beneficial Ownership Information Reporting, Cybersecurity Maturity Model Certification, Business Intelligence and Data Analytics Services, Digital Strategy & Transformation Services, Government Contractor Consulting Services, SBA 8(a) Business Development Program Consulting Services, Information Technology Audit & Consulting, Cybersecurity Maturity Model Certification (CMMC), Outsourced Sales Tax Compliance and Managed Services, IRS issues Superfund Chemical Excise Tax Rates, IRS issues Superfund Chemical Excise Taxes FAQs, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. Sightline is a tax platform that makes the entire tax process more collaborative and insightful. Permit & License. The Environmental Protection Agency (EPA) identifies sites such as Kti Chemicals Inc because they pose or had once posed a potential risk to human health and/or the environment due to contamination by one or more hazardous wastes. The term Superfund refers to chemical excise taxes imposed by the IRS on certain domestically produced and imported chemicals, and imported substances. The tax law is included in the Infrastructure Investment and Jobs Act that was signed into law on November 15, 2021. 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. As a background, when these taxes were reinstated through the Infrastructure Investment and The Inflation Reduction Act added excise tax on domestic crude oil and imported petroleum products starting on January 1,2023. The taxes are reported quarterly on the IRS Form 720, which is part of the Quarterly Federal Excise Tax Return. 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. The IRS has release additional information on the Superfund Excise Taxes on Chemicals. 117-169), which was signed into law on August 16, 2022, reinstated the Petroleum Superfund Tax at a rate of 16.4 cents per barrel. When is the first return due? 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). You Meta Believe the GDPR Penalties Are No Joke! document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This website uses cookies. Who should lead the charge? Charter Brokerage is the only company that will work with the client through the entire process of maximizing your credits. 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 term Superfund refers to chemical excise taxes imposed by the IRS on certain domestically produced and imported chemicals, and imported substances. A3. The imported substances tax is due upon the first sale or use after import. Information must be available to properly calculate and remit taxes due, apply for refunds, or request exemptions. Charlotte | | Agreed Terms of Use A12. Companies with large volumes of transactions should consider automating their tax calculation and reporting processes. If you are not responsible for paying and reporting the excise tax to the IRS but purchase any of the listed chemicals or substances from your suppliers, review the potential economic impact of the reinstated excise tax on your company. 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. (added June 24, 2022), Q4. (added June 24, 2022), Q5. Companies might receive a refund of the tax paid if they export products made with specific chemicals and substances if they paid before manufacturing. Chemicals. The Superfund chemical taxes will be reported on Form 720, Quarterly Federal Excise Tax Return, and Form The Superfund Excise Taxes are currently set to expire on December 31, 2031. Normally, if a taxpayer deposits less than 95% of its required deposit and is not following the prescribed safe-harbor method, Section 6656 imposes a penalty that reaches its maximum rate of 10% after only 15 days. The Superfund Tax is effective as of July 1, 2022 and will remain in effect until the end of 2031. Implementing process improvements including potential technology solutions to efficiently monitor products subject to tax and possible exemptions. 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. 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 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. Some deposit amount is still required by July 29 to satisfy the relief provisions set out in Notice 2022-15. Excise taxes are reported on a quarterly basis on IRS Form 720, Quarterly Federal Excise Tax. Each member firm is a separate legal entity. Explore available tools within IT systems/databases to collect data needed to comply with reporting requirements. Reinstating the tax on chemicals will unduly burden consumers. Calculating The first reporting of Superfund excise taxes is due October 31, 2022 (for the period July 1, 2022, through September 30, 2022). 117-169), which was signed into law on August 16, 2022, reinstated the Petroleum Superfund Tax at a rate of 16.4 cents per barrel. 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. Even companies that have been on the market for decades may not have many employees who were around when the previous excise tax applied. Additionally, Notice 2022-15 provides that the IRS will not exercise its authority to revoke the right to use the safe-harbor deposit method during the first three quarters of 2023, provided the requirements of Notice 2022-15 are met. Cannabis Excise Tax Calculation. 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. The tax on substances depends on their chemical composition and if it has 20% or more of a chemical on the taxable list. 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. Companies are likely to be caught off guard by this reinstated tax. New Jersey enacted a new tax law (A.B. DOE Publishes Notice of Intent to Fund Clean Hydrogen Projects. The Superfund law (P.L. Managing Director, Excise Tax Practice, KPMG US, Senior Manager, Tax | WNT - SALT Income & Incentives, KPMG US, Partner, Tax, Accounting Methods & Credits, KPMG US. Aerojets previous disposal and operating practices led to soil and groundwater contamination. In Philadelphia, Economy Struggles to Keep Up with New Influx of Immigrants. 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 No other Superfund tax refund service provider has the experience of Charter Brokerage. 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, Aerojet and its subsidiaries have researched, designed and made rocket engines and chemicals on site since 1953. All rights reserved. 429, Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA). Tampa | Forty-two chemicals and 151 hazardous substances are taxable; however, each is taxed differently. 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. After a more than 26 year hiatus, on July 1, 2022, the Superfund chemical excise tax (the Superfund Chemical Tax) will again become effective. Relief provided for Superfund chemical excise tax semimonthly deposits. A taxable substance is any substance that, at the time of sale or use by the importer of the substance, is listed as a taxable substance. A15. Exporters will not be taxed. Nursing Homes Brace for Reforms and Heightened Government Scrutiny. 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