Reinstatement of Superfund Tax on Petroleum Products – Impact on Chemical DistributorsRead 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.