IRS Superfund Rules Clarify Taxation of Certain Chemicals (3)

The IRS released proposed rules Monday on the Superfund excise tax, a tax on certain chemical companies and importers for substances known to pollute, in addition to two pieces of accompanying guidance on the matter.

The excise tax, which went into effect in July 2022, was reinstated after nearly 30 years as part of the 2021 infrastructure law to help fund the cleanup of hazardous sites.

The proposed rules (REG-105954-22, RIN: 1545-BQ40) expand on the tax that requires qualifying taxpayers to make semimonthly deposits. The proposed rules lay out the implementation of the excise tax under ...