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IRS Newswire June 24, 2022
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Issue Number:????IR-2022-131
Inside This Issue
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*IRS issues FAQs on the reinstated Superfund chemical excise tax to assist affected taxpayers*
WASHINGTON ? The Internal Revenue Service today issued frequently asked questions (FAQs) regarding the reinstated Superfund chemical excise tax [ [link removed] ] to help those taxpayers who may be impacted and tax professionals.
These FAQs detail what the Superfund chemical excise tax is, how the tax is computed and who may be liable for the tax. The Superfund chemical taxes will be reported on Form 720, Quarterly Federal Excise Tax Return [ [link removed] ], and Form 6627, Environmental Taxes [ [link removed] ].
The excise taxes imposed on certain chemicals and imported chemical substances were reinstated beginning on July 1, 2022, under the Infrastructure Investment and Jobs Act (IIJA).
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.?
Specifically, 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. They also impose an excise tax on the sale or use of a taxable substance by the importer of the taxable substance.
These FAQs provide general information. At the time of publication of these FAQs, 151 substances are listed as taxable substances. That number will likely change as substances are added to or removed from the list of taxable substances.
More information can be found at Excise Tax [ [link removed] ] on IRS.gov.
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