The Inner Income Service has issued FAQs relating to the reinstated Superfund chemical excise tax, detailing what the tax is, the way it’s computed and who could also be liable.
The Superfund chemical taxes are reported on Type 720, “Quarterly Federal Excise Tax Return” and Type 6627, “Environmental Taxes”. The excise taxes imposed on sure chemical substances and imported chemical substances had been reinstated as of July 1 underneath the Infrastructure Funding and Jobs Act.
The taxes assist assist the federal Superfund program created in 1980, which investigates and cleans up polluted and contaminated websites.
There are two Superfund chemical excise taxes: one on the sale or use of “taxable chemical substances” and one 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 producer, producer or importer of the chemical. In addition they impose an excise tax on the sale or use of a taxable substance by the importer of the substance.
The brand new FAQs present normal info. On the time of publication, 151 substances are listed as taxable; that quantity will doubtless change as substances are added to or faraway from the checklist.
Extra info is right here on IRS.gov.
Jeff Ferguson/photogeek – inventory.adobe.com