As reported in our May 19, 2022, memorandum, the Superfund excise tax on certain chemical substances was reinstated beginning on July 1, 2022, under the Infrastructure Investment and Jobs Act. The newly reinstated tax has caught many off guard, and most subject to the tax are struggling with computing and reporting the tax. There are two separate Superfund chemical excise taxes: a tax on the sale or use of “taxable chemicals” and a tax on the sale or use of imported “taxable substances.” The reinstated taxes impose an excise tax on the sale or use of a taxable chemical by the manufacturer, producer, or importer of the taxable chemical, as well as an excise tax on the sale or use of a taxable substance by the importer of the taxable substance. Please read the full memorandum for some guidance on how to comply with the reinstated tax.   

Read more > https://www.lawbc.com/regulatory-developments/entry/superfund-tax-on-chemicals-what-you-need-to-know-to-comply