Chemical Engineering Trends, Intellectual Property Litigation, & Industry Predictions – IMS Insights Podcast Episode 50
What to Expect in Chemicals Policy and Regulation and on Capitol Hill in 2023
On September 3, 2024, the Internal Revenue Service (IRS) announced that petitions have been filed to add the following chemicals to the list of taxable substances...more
The Internal Revenue Service (IRS) announced on August 14, 2024, a correction to the stoichiometric material consumption equation in the notice of filing for the nylon 6 petition that was published in the February 22, 2024,...more
The Internal Revenue Service (IRS) published a notice of determination on May 31, 2024, that the list of taxable substances is modified to include polyoxymethylene. 89 Fed. Reg. 47238. As reported in our December 29, 2022,...more
The Internal Revenue Service (IRS) announced on February 27, 2024, that it received a petition requested that iso-butanol (also known as isobutanol, iso butyl alcohol, 2-methyl propan-1-ol, or 2-methyl-1-propanol) be added to...more
The Internal Revenue Service (IRS) announced on February 22, 2024, that it received petitions requesting that caprolactam (89 Fed. Reg. 13400) and nylon 6 (89 Fed. Reg. 13399) be added to the list of taxable substances under...more
On March 29, the IRS and U.S. Treasury Department (Treasury) published proposed regulations regarding the recently reinstated Superfund chemical taxes (Proposed Regulations) and set a May 28 deadline for comments. The...more
On March 27, 2023, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued much anticipated proposed regulations, REG-105954-22 (Proposed Regulations), and additional guidance in the form of Revenue...more
On March 29, 2023, the Internal Revenue Service (IRS) published a notice of proposed rulemaking (NPRM) relating to the Superfund excise taxes imposed on certain chemicals and certain imported substances, effective July 1,...more
Initially enacted in 1980, the Superfund chemical excise taxes apply to the sale or use of certain chemicals and substances to fund a federal cleanup program for hazardous waste sites. While the initial tax program expired...more
We’ve all read about the recent reinstatement of the taxes that fund the Comprehensive Environment Response, Compensation, and Liability Act (CERCLA). The new taxes are hitting the books as of July 1, 2022....more
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 newly reinstated tax has...more
Beginning July 1, 2022, a Federal excise tax, commonly referred to as the “Superfund Tax,” will be imposed on any taxable chemical sold by a manufacturer, producer, or importer. The Superfund Tax also will be imposed on the...more
The Infrastructure Investment and Jobs Act (IIJA), signed by President Joe Biden on Nov. 15, 2021, revives an excise tax last effective in 1995 on the sale or use of 42 identified chemicals as well as certain substances...more
Section 80201 of the Infrastructure Investment and Jobs Act of 2021, Public Law 117-58, reinstates the long-expired federal excise taxes that are imposed on specified chemical substances used in common industrial applications...more
On November 15, 2021, President Biden signed into law the Infrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 135 Stat. 429. Section 80201 of the IIJA reinstates the Superfund excise tax on certain chemical...more
After a more than 26 year hiatus, on July 22, 2022, the Superfund chemical excise tax (the “Superfund Chemical Tax”) will again become effective. This excise tax, reinstated by the passage of the Infrastructure Investment and...more