Proposed Rules to Implement the Superfund Tax on Chemicals
Tax attorneys Nicole Elliott, Amish Shah, Daniel Strickland and Mary Kate Nicholson hosted a presentation about a revived chemical tax imposed on the sale or use of 42 identified chemicals, as well as certain substances manufactured or produced from such chemicals. Although the tax went back into effect in summer 2022, the U.S. Department of the Treasury and IRS recently issued proposed rules to implement this tax.
During this webinar, the attorneys covered the basics of the Superfund tax on chemicals and also discussed the proposed rules as they relate to:
- definitions proposed such as who is a "manufacturer" of a taxable chemical subject to the tax and what constitutes a "use" of a taxable chemical, thereby triggering the tax
- how the Treasury Department and IRS will determine what substances made from taxable chemicals will be taxed, as well as how to petition to add a substance to or remove a substance from the list of taxable substances
- how to claim an exemption from or obtain a refund of the tax and what documentation should be maintained
- what topics the Treasury Department and IRS are seeking feedback on from stakeholders