The Internal Revenue Service released FAQs regarding the reinstated Superfund chemical excise tax, detailing what the tax is, how it is calculated and who may be liable.
Superfund chemical taxes are reported on Form 720, “Quarterly Federal Excise Tax Return” and Form 6627, “Environmental Taxes”. Excise taxes imposed on certain chemicals and imported chemical substances were reinstated effective July 1 under the Infrastructure Investment and Employment Act.
The taxes help support the federal Superfund program established in 1980, which investigates and cleans up polluted and contaminated sites.
There are two Superfund chemical excise taxes: one on the sale or use of “taxable chemicals” and one on the sale or use of imported “taxable substances”. Reinstated taxes impose an excise tax on the sale or use of a taxable chemical by the manufacturer, producer, or importer of the chemical. They also impose an excise tax on the sale or use of a taxable substance by the importer of the substance.
The new FAQ provides general information. At the time of publication, 151 substances are listed as taxable; this number will likely change as substances are added or removed from the list.
More information is here on IRS.gov.