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Reinstatement of the Superfund Excise Tax: Key Issues and Action Items for Manufacturers, Producers, and Importers

Taxable Substances, Actions Triggering the Tax, Calculations, Tax Returns and Payments, Rev. Proc. 2022-26

Recording of a 90-minute premium CLE/CPE video webinar with Q&A

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Conducted on Tuesday, September 20, 2022

Recorded event now available

or call 1-800-926-7926

This CLE/CPE course will provide tax professionals with an in-depth analysis of the critical issues and challenges of the reinstatement of the Superfund Excise Taxes for manufacturers, producers, and importers. The panel will discuss applicable tax rules, taxable chemicals and taxable substances, actions that can trigger tax, exemptions, and reporting requirements. The panel will also discuss Revenue Procedure 2022-26 and procedures for importers, exporters, and interested parties to request a determination under Section 4672(a)(2) that a substance be added to or removed from the list of taxable substances.

Description

The recently enacted Infrastructure Investment and Jobs Act (IIJA) brought back the Superfund excise tax on sales of taxable chemicals under Code Sec. 4661 and the Superfund excise tax on specified sales or uses of imported taxable substances under Code Sec. 4671 (Superfund Excise Taxes). Tax professionals must understand these new rules and the tax challenges that manufacturers, producers, and importers of certain chemicals now face.

The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) addressed the cleanup of contaminated sites. CERCLA established the Hazardous Substance Response Trust Fund (the Superfund), a trust fund that was administered by the U.S. Environmental Protection Agency to pay for cleaning hazardous substances. It was funded in part by the Superfund Excise Taxes, which expired December 31, 1995. In November 2021, the IIJA was signed into law and included the return of the Superfund Excise Taxes with modifications, beginning July 1, 2022, and effective through December 31, 2031. The tax doubles the per ton tax rate for taxable chemicals and taxable substances, lowers the threshold of what substances may be considered taxable substances, greatly expanding the scope of the Superfund Excise Taxes.

The reinstatement of the Superfund Excise Taxes has significant repercussions for manufacturers, producers, and importers, who will now be responsible for an excise tax on certain chemicals and substances.

Listen as our panel discusses the new Superfund excise tax rules, taxable chemicals and substances, and actions that can trigger the tax, exemptions, and reporting requirements.

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Outline

  1. Overview of Superfund excise tax rules
  2. Challenges faced by taxpayers

  3. Registration, deposits, and return requirements

  4. Rev. Proc. 2022-26 and Section 4672(a)(2)

  5. Next steps and best practices for manufacturers, products, and importers

Benefits

The panel will discuss these and other key issues:

  • What are the key provisions of the IIJA impacting the taxation of chemicals and listed substances?
  • What chemicals and substances are taxable?
  • What actions can trigger the Superfund Excise Taxes?
  • What exemptions are available?
  • What are the registration, deposits, and tax return reporting requirements?
  • How can importers, exporters, and interested parties request a determination that a substance be added to or removed from the list of taxable substances?

Faculty

Ault, William
William Ault

Director
Crowe

Mr. Ault has worked as a multi-state tax consultant for 27 years. Much of his career before coming to Crowe...  |  Read More

Hall, Megan
Megan K. Hall

Attorney
Mayer Brown

Ms. Hall is a senior associate in Mayer Brown’s Tax Transactions & Consulting practice. She advises...  |  Read More

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