IR-2022-131: IRS issues FAQs on the reinstated Superfund chemical excise tax to assist affected taxpayers

IRS Newswire June 24, 2022
News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Multimedia Center Noticias en Español Radio PSAs Tax Scams The Tax Gap Fact Sheets IRS Tax Tips Armed Forces Latest News Home IRS Resources Compliance & Enforcement Contact My Local Office Filing Options Forms & Instructions Frequently Asked Questions News Taxpayer Advocate Where to File IRS Social Media	Issue Number:    IR-2022-131 Inside This Issue 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 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, and Form 6627, Environmental Taxes. 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 on IRS.gov. Back to Top         Thank you for subscribing to the IRS Newswire, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.

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