In the Headlines
June 29, 2022

Superfund Tax Questions Linger as Chemical Sector Braces to Pay

Bloomberg Government

Public policy and tax attorney Nicole Elliott was quoted in a Bloomberg Government article about revived Superfund taxes that will hit manufacturers, producers and importers of 151 chemical substances the Internal Revenue Service (IRS) deems taxable, with the first payments due in mid-July. The 2021 infrastructure law reinstated excise taxes on certain chemicals and imported substances. The excise taxes are meant to help fund the cleanup of some of the nation’s most contaminated sites. However, the IRS has yet to address details pertaining to taxpayers wanting to claim exemptions and definitions on parts of the supply chain process. 

“There are still a lot of questions that need to be answered,” commented Ms. Elliott, while also stressing that there are still unaddressed “key definitional issues” about what is considered the sale, use and manufacturer. She also said she wants to know what documentation should be kept on hand by taxpayers who want to claim an exemption.

READ: Superfund Tax Questions Linger as Chemical Sector Braces to Pay (Subscription required)

Related News and Headlines