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IRS Releases FAQ, 121 Taxable Rates for Superfund Excise Tax (1)

June 24, 2022, 3:21 PMUpdated: June 24, 2022, 5:09 PM

The IRS released its FAQ on the reinstated Superfund excise tax Friday, attempting to give chemical companies clarity on the levy that goes into effect July 1.

The Superfund excise tax imposes a levy on chemical companies and importers for chemicals known to pollute.

The FAQ includes details from the original provision that Congress passed last year as part of the infrastructure bill, such as defining what is a taxable chemical and substance and who is responsible for reporting and paying the tax.

  • Later Friday, the IRS announced tax rates for 121 taxable substances, answering initial demands from companies ...