Archives

January 23, 2023

Petition Filed to Add Bisphenol A Epoxy Resin Copolymer to List of Chemical Substances Subject to Superfund Excise Tax

The Internal Revenue Service (IRS) announced on January 19, 2023, that it received a petition requesting the addition of 4,4′-isopropylidenediphenol-epichlorohydrin copolymer (bisphenol A epoxy resin) to the list of taxable substances under Section 4672(a) of the Internal Revenue Code. 88 Fed. Reg. 3478. The petitioner is Westlake Epoxy Inc., an exporter of 4,4′-isopropylidenediphenol-epichlorohydrin copolymer. According to the petition, “4,4′-Isopropylidenediphenol-Epichlorohydrin...
December 29, 2022

Petition Filed to Add Polyoxymethylene to List of Chemical Substances Subject to Superfund Excise Tax

The Internal Revenue Service (IRS) announced on December 28, 2022, that it received a petition requesting the addition of polyoxymethylene to the list of taxable substances under Section 4672(a) of the Internal Revenue Code. 87 Fed. Reg. 79938. The petitioner is Celanese Ltd., an exporter of polyoxymethylene. According to the petition, “polyoxymethylene is an engineering thermoplastic used in precision parts requiring high stiffness, low friction, and excellent dimensional stability. It...
June 29, 2022

IRS Issues Procedures to Modify the List of Substances Subject to the Superfund Tax

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 Internal Revenue Service (IRS) announced on June 24, 2022, that it has posted frequently asked questions (FAQ) on the Superfund chemical excise tax. The IRS released Revenue Procedure 2022-26, which provides the exclusive procedures for requesting a determination under Section 4672(a)(2) of the...
June 24, 2022

IRS Issues FAQs on Superfund Excise Tax on Certain Chemical Substances

The Internal Revenue Service announced on June 24, 2022, that it has posted frequently asked questions (FAQ) on the Superfund chemical excise tax. The 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, and Form 6627, Environmental Taxes. The excise taxes were reinstated beginning on July 1, 2022, under...