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Superfund Tax Questions Linger as Chemical Sector Braces to Pay

June 29, 2022, 8:45 AM

Superfund excise tax guidance released by the IRS will help chemical companies navigate the reinstated levies, but tax professionals say many open questions remain.

The 2021 infrastructure law reinstated excise taxes on certain chemicals and imported substances, which were last in effect in the mid-1990s. The excise taxes are intended to help fund the cleanup of some of the nation’s most contaminated land.

In the run-up to Friday’s effective date, the IRS released several updates for chemical companies, including a FAQ guidance document, a list of tax rates for covered substances, and a revenue procedure establishing how substances can ...