Presentation

Reinstatement of Superfund Tax on Petroleum Products – Impact on Chemical Distributors

November 3, 2022

Read Time: 1 min

The Inflation Reduction Act of 2022 reinstated the Hazardous Substance Superfund Financing Tax Rate on Crude Oil and Petroleum Products, effective January 1, 2023. This is in addition to the reinstated Superfund chemical excise tax that took effect on July 1, 2022. Certain liquid taxable substances subject to the chemical excise tax may also be petroleum products. When a chemical product is both a taxable substance and a petroleum product, it is taxed as a petroleum product, with the taxes due when entered into the United States.

McGlinchey tax attorney Douglas Charnas (Washington, DC) will join the National Association of Chemical Distributors (NACD) on Thursday, November 3, 2022, for a webinar to discuss the newly reinstated tax rate and how to determine its impact on your business.

Learn more and register.

Insights

Presentation

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

April 27, 2023

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.

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.

In the Media

Misunderstood: The Excise Tax No One Likes or Understands — A Conversation with Douglas Charnas and Richard E. Engler, Ph.D.

October 13, 2022

Member Douglas Charnas (Washington, DC) was interviewed on the All Things Chemical® Podcast on October 13, 2022. He discussed the Superfund Tax, which entities the tax applies to, how to identify taxable chemicals and the difference between taxable chemicals and taxable substances.

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.

In the Media

Superfund Oil Tax May Face Fewer Implementation Hurdles Than Chemical Tax

August 19, 2022

Congress’ reinstatement of the Superfund tax on crude oil and petroleum-product imports is likely to have a more straightforward implementation process than the related tax on chemicals, Member Douglas Charnas (Washington, DC) told Inside EPA.

In the Media

Absent IRS Superfund Tax Guide, Lawyers Look To Withdrawn 1983 Proposal

July 29, 2022

Member Douglas Charnas (Washington, DC) spoke with Inside EPA about whether it would be "reasonable" to look at a 1983 draft IRS rule in the absence of formal IRS guidance, even though the measure was eventually withdrawn.

Presentation

Superfund Tax Update – Are You Ready for the July 1 Effective Date?

June 29, 2022

The Superfund tax takes effect on July 1, 2022, and the first deposits are due to the Internal Revenue Service (IRS) on July 29, 2022. With these impending deadlines, chemical distributors have numerous questions about this tax, including the information needed to figure out their obligations, what must be reported to the IRS, and whetherMore

Alert

The Superfund Tax Is Almost Here – Are You Ready?

June 6, 2022

Beginning July 1, 2022, a Federal excise tax, commonly referred to as the “Superfund Tax,” will be imposed on any taxable chemical sold by a manufacturer, producer, or importer. The Superfund Tax also will be imposed on the importer if taxable chemicals are consumed, used, or warehoused in the United States. The Superfund Tax funds the Hazardous Substance Superfund Trust Fund for use in the clean-up of hazardous waste sites.

In the Media

‘Buckle Up’ for PFAS Regulation, Litigation in 2022, Lawyers Say

December 29, 2021

Cleveland attorney and former environmental prosecutor Michael Blumenthal was quoted in a December 29 Bloomberg Law article on upcoming federal moves over the next year to reduce and control “forever chemicals.”

In the Media

EPA Mulling PFAS Regulations Under Superfund, Waste Statutes

January 20, 2021

Attorney Michael Blumenthal (Cleveland) is quoted in an article in Bloomberg Law on EPA’s regulations for PFAS chemicals under Superfund and waste management statutes.