WebJul 7, 2024 · IR 2024-132. On June 24, 2024, the IRS released IR 2024-132 which provides the tax rates for 121 of the 151 Taxable Substances. Those rates range from $1.49 to $23.65 per ton. With respect to the remaining Taxable Substances, the importer must provide Treasury with sufficient information to determine the appropriate tax rate (based … WebNov 22, 2024 · The Superfund tax on chemicals is also a tax on the import of taxable substances. It’s codified in IRC Sections 4671 and 4672, both of which were added by the Superfund Amendments and Reauthorization Act of 1986. Unlike the static list of 42 taxable chemicals, the taxable substance list is subject to change. A taxable substance is one …

IRS releases initial list of taxable chemical substances under IIJA

Web26 U.S. Code § 4661 - Imposition of tax. There is hereby imposed a tax on any taxable chemical sold by the manufacturer, producer, or importer thereof. The amount of tax … WebDec 14, 2024 · Notice 2024-66. Provides the initial list of taxable substances under section 4672 (a) Addresses the registration requirements imposed by section 4662 (b) (10) (C) … remarc realty llc

Superfund excise tax FAQs and tax rates released by the IRS

WebSep 6, 2024 · Under Section 4661, an excise tax is imposed on the sale by manufacturers, producers, and importers of 42 taxable chemicals (see table below for a list of those … WebNov 15, 2024 · Various exemptions exist for taxable chemicals, including: Methane or butane used as a fuel; Chemicals used in the production of fertilizer (including nitric acid, sulfuric … WebJul 1, 2024 · “(C) Exception where manufacturer paid tax.--In the case of any sale before January 1, 1987, of any intermediate hydrocarbon stream, the amendment made by … remarc manufacturing inc