July 14, 2022 - Douglas Myser

IRS has superfund list changes. In IRS Revenue Procedure 2022-26, the IRS prescribed the exclusive procedures for requesting an addition to, or removal from, the list of chemical substances subject to an excise tax commonly known as the Superfund tax. The Superfund, or as it was formally known, the Hazardous Substances Response Trust Fund, was first enacted in 1980 to finance cleanups of hazardous waste sites. A dedicated revenue stream funding it was enacted via an excise tax on certain chemicals and substances, beginning in the mid 1980s and expiring in 1995, before being reinstated effective July 1, 2022, in modified form by the Infrastructure and Investment Jobs Act. IRS has superfund list changes.

Besides the tax on the sale or use of certain chemicals under Sec. 4661(a), a second Superfund excise tax under Section 4671 applies to the sale or use of imported taxable substances. The 151 taxable substances are listed in Section 4672(a)(3), as supplemented by Notice 2021-66. In a second news release the IRS also provided tax rates per ton of 121 taxable substances. Section 4672(a)(1) defines a taxable substance as one so listed by Treasury pursuant to a determination made in consultation with the U.S. Environmental Protection Agency and U.S. Customs and Border Protection, that the substance contains more than 20% of taxable chemicals by wight of the materials used to produce the substance, based on its predominant method of production. An importer or exporter of a substance may request a determination by Treasury that a substance be added to or removed from the list, with the determination to be made within 180 days.

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