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Superfund Oil Tax May Face Fewer Implementation Hurdles Than Chemical Tax

Read Time: 1 min

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.

Doug Charnas, an attorney with McGlinchey Stafford PLLC, tells Inside EPA that he does not expect as many problems to come with reinstatement and implementation of the oil tax as there were with the implementation of the Superfund tax on chemicals and substances, in part because the oil tax will likely affect fewer companies than the chemical tax, and because the facilities involved are “generally more sophisticated” about taxes.

“I suspect that on the refinery side it’s not going to be a big deal, and these people are so used to filing [quarterly federal excise tax returns] and dealing with excise taxes that I don’t think it’s going to be much of a change. For them it’s going to be a pain just like any new tax, but I suspect that they deal with it on a regular basis because they’re dealing with petroleum related products,” Charnas says.

Read the full article here (subscription required).

Insights

Presentation

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Presentation

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Published Article

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Presentation

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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

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