media center

NACD Press Release

Arlington, VA
September 20, 2022

FOR IMMEDIATE RELEASE
Aileen Smith
571-482-3040
asmith@nacd.com

NACD Applauds Rep. Steil and Colleagues for Urging Treasury Secretary Yellen to Clarify Provisions of Superfund Tax

 

Arlington, VA – Today, the National Association of Chemical Distributors (NACD) President and CEO Eric R. Byer issued the following statement applauding Representative Bryan Steil (WI-01) and his colleagues for their letter urging U.S. Department of Treasury Secretary Janet Yellen to clarify provisions of the recently reinstated Superfund tax: 

“This Superfund tax has not been in effect for over two decades, and its reinstatement threatens to directly harm small businesses that are still recovering from the labor and supply chain crises. These businesses require more time and clarity to navigate the new rules. 

"In a recent letter to Secretary Janet Yellen, Rep. Steil and several of his House colleagues, from both sides of the aisle, urged Secretary Yellen to clarify provisions included in the tax that will impact all taxpayers. The letter specifically asks the Secretary to clarify critical factors that remain uncertain such as: providing taxpayers with uniform identification for all taxable chemicals and taxable substances; defining the documentation required by the Internal Revenue Service; simplifying the collection process with quarterly payments; and ensuring taxpayers are not penalized for their good faith efforts. 

"NACD applauds Rep. Steil and his colleagues in Congress for sharing the concerns of American businesses surrounding the recently reinstated Superfund tax, and thanks them for their efforts urging Secretary Yellen to expeditiously issue guidance and clarification on these critical matters.” 

###

NACD and its over 400 member and Affiliate companies are vital to the chemical supply chain providing products to over 750,000 end users. NACD members are leaders in health, safety, security, and environmental performance through implementation of Responsible Distribution, established in 1991 as a condition of membership and a third party-verified management practice. For more information on NACD, visit www.nacd.com.