The chemical sector got more certainty in new rules on who is subject to the Superfund excise tax and when the tax is triggered.
The IRS and Treasury on Monday released proposed rules and additional guidance on the Superfund excise tax, which is levied on certain chemical companies and importers for substances known to pollute.
The rules and guidance clarify key definitions and processes to help importers and exporters accurately report the tax, industry professionals said, but there are still outstanding questions that need to be addressed in the final rules to make it easier to administer the tax.
Notably, ...