WebKnown commonly as the “Superfund Tax,” this excise tax is levied on certain chemicals that are either manufactured in the US or imported, and is imposed on imported chemical … WebApr 10, 2024 · The Infrastructure Investment and Jobs Act reinstated the excise taxes imposed by sections 4661 and 4671 of the Internal Revenue Code (the Superfund chemical taxes), effective July 1, 2024. The Superfund chemical taxes are subject to the deposit rules set forth in § 40.6302(c)-1 of the Excise Tax Procedural Regulations.

Chemical Excise Tax

WebApr 9, 2024 · Excise Tax on Select Chemicals. From 1987 through 1995, an excise tax also applied to the sale by the manufacturer, producer or importer of 42 specified chemicals. ... the Tax Plan could reinstate these chemical taxes at their historic rates or inflation-adjusted rates and require deposit of the revenues raised into the Superfund Trust Fund … WebIn recent years, IRS excise tax examinations have focused on taxpayers that import articles potentially subject to the excise tax imposed on certain ozone-depleting chemicals (ODCs) under Sec. 4681 (the ODC tax). persian fairy crossword

Biden Tax Plan May Reinstate Long-Expired Superfund Taxes

WebIn brief. In the 10 days before the July 1 effective date of the reinstated Superfund Chemical Excise Taxes (SCET), the IRS issued informal guidance in the form of frequently asked questions (FAQs) and a rate table for taxable substances. The IRS followed with a revenue procedure setting forth the procedures for requesting a determination that ... Websubject to the chemical sales excise tax under Section 4661.10 Currently, the excise tax applies to the following Taxable Substances:11 Taxable Substance Cumene Styrene … persian facts for kids