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Presentation

IRS Issues Proposed Superfund Chemical Excise Tax Regulations – What Now, What is Next?

Read Time: 1 min

The Internal Revenue Service (IRS) issued long-awaited proposed Superfund tax regulations in late March. The proposed rule included new and expanded definitions, with examples, for “sale,” “use,” “importer,” and “manufacturer.” The IRS has also requested input on the most appropriate ways to assign Chemical Abstract Service Registry Numbers or Harmonized Tariff Schedule Codes to products subject to the tax. Comments on the proposed rule are due May 30.

Member Douglas Charnas (Washington, DC) is co-presenting a National Association of Chemical Distributors (NACD) webinar, “IRS Issues Proposed Superfund Chemical Excise Tax Regulations – What Now, What is Next,” on April 27, 2023. This webinar will provide an update on the tax, share thoughts on the proposed rule, and highlight any outstanding questions.

Learn more and register.

Insights

Presentation

Proposed Regulations Are at the White House for Review: Will They Address the Many Open Questions?

March 14, 2023

Member Douglas Charnas (Washington, DC) will join a panel discussion, "Proposed Regulations Are at the White House for Review: Will They Address the Many Open Questions," at the National Association of Chemical Distributors Spring Regulatory Workshop on March 14, 2023. The panel will discuss the open questions, the meetings NACD has had with IRS, and how the IRS may answer the open questions.

Published Article

Reinstatement of the Hazardous Substance Superfund Financing Rate on Crude Oil and Petroleum Products: Should We Care?

October 20, 2022

The Inflation Reduction Act of 2022 has reinstated the Hazardous Substance Superfund Financing Rate at 16.4 cents per barrel on crude oil and petroleum products. Should chemical distributors care? The general answer is yes. This article provides background on the reinstated rate and how chemical distributors will be affected by its reinstatement, effective January 1. 2023.