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Chemicals Industry Pushing IRS for Flexibility on Revived Tax

Feb. 14, 2022, 9:45 AM

The chemicals industry is pushing the IRS to provide flexible provisions in new rules for a reinstated toxics tax the industry hasn’t had to pay in decades.

The requests come as the agency is developing rules required by the massive infrastructure law signed late last year that included the tax, known as the Superfund chemical excise tax. The levy is projected to raise $14.5 billion over a decade, according to the Joint Committee on Taxation.

The deadline for the agency to release rules is July 1, 2022. Trade groups representing a broad swath of industry stakeholders say ...

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