Superfund Excise Tax FAQs, Tax Rates Released by IRS

The IRS has issued FAQs regarding the Superfund chemical excise tax and tax rates. The taxes are set to be reinstated starting Friday, July 1.

RSM, an OMA Connections Partner, has provided this insight, explaining there are two separate Superfund chemical excise taxes: a tax imposed on the sale or use by the manufacturer or importer of specified “taxable chemicals,” and a tax on the sale or use by the importer of specified “taxable substances.” 6/27/2022