Effective July 1, 2022, after a 25-year expiration, Congress reinstated two excise taxes on chemicals and imported hazardous substances via the Infrastructure Investment and Jobs Act. Legislative proposals would reinstate a third excise tax.
The Joint Committee on Taxation estimates these excise taxes combined would increase revenues by over $52 billion over a 10-year period.
Companies need to carefully consider the impact of these taxes and ensure compliance.
This TaxWatch webcast discusses the superfund excise tax reinstatements, covering:
- Background and industry impact
- Superfund excise tax overview
- Petitions, special rules, and exceptions
- Operational readiness for the reinstatement
- Practical considerations - excise tax forms and deadlines