Now that there are proposed regulations for the superfund chemical excise tax, tax attorney Douglas Charnas of McGlinchey Stafford and chemist Dr. Richard Engler of Bergeson & Campbell, P.C. will provide an update on the tax, share their thoughts on the proposed rule, and highlight any outstanding questions.
For well over a year, NACD has been seeking more clarity from the Internal Revenue Service (IRS) on implementation of the Superfund Chemical Excise Tax, which took effect July 1, 2022. NACD has met with the IRS twice, sent four detailed letters to the Agency, and initiated numerous contacts from Capitol Hill requesting additional guidance and penalty relief.
In late March, IRS issued long-awaited proposed Superfund tax regulations. The proposed rule addresses many of the questions NACD has raised. These included new and/or expanded definitions, with examples, for “sale”, “use”, “importer”, and “manufacturer”. The IRS has also requested input on the most appropriate ways to assign Chemical Abstract Service Registry Numbers or Harmonized Tariff Schedule Codes to products subject to the tax. Comments on the proposed rule are due May 30. NACD will be submitting comments.
Thank you G.J. Chemical Co., Inc. for sponsoring this webinar.