IRS announces Superfund chemical excise tax rates

Tax rates for many statutory substances for which rates were not previously issued

Tax rates for many statutory substances for which rates were not previously issued

The IRS today announced the prescribed tax rates for 121 taxable substances that are subject to the Superfund chemical excise tax imposed by section 4671(a).

The rates are listed in IRS release IR-2022-133 (June 24, 2022).

As explained in today’s IRS release:

  • Taxable substances are those listed in either section 4672(a)(3) or Notice 2021-66 [PDF 175 KB].
  • Substances may be added or removed from the list of taxable substances at a later date.
  • The rates will be included in the instructions to Form 6627, Environmental Taxes, and on the IRS webpage Recent Developments for Form 6627, Environmental Taxes.

KPMG observation

With today’s release, the IRS has provided tax rates for many statutory substances for which rates were not previously issued.

Also today, the IRS released of a set of “frequently asked questions” (FAQs) regarding the reinstated excise taxes imposed on certain chemicals and substances under sections 4661 and 4671 (often referred to as “Superfund” excise taxes). Read TaxNewsFlash


For more information, contact a tax professional with KPMG’s Excise Tax Practice group:

Taylor Cortright | tcortright@kpmg.com

Rachel Smith | rachelsmith1@kpmg.com

 

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