On Friday, the OMB’s Office of Information and Regulatory Affairs (OIRA) announced that it had had received from the Treasury’s Internal Revenue Service (IRS) a notice of proposed rulemaking (NPRM) for “Superfund Chemical Tax and Superfund Imported Substance Tax”. According to the Fall 2022 Unified Agenda for this rulemaking:
“Section 80201 of the Infrastructure Investment and Jobs Act (IIJA), Public Law 117-58 [link added], 135 Stat. 429 (November 15, 2021) reinstates, effective July 1, 2022, the excise taxes imposed on certain chemical substances by sections 4661 and 4671 of the Internal Revenue Code, and modifies the applicable rates of tax and other provisions related to those taxes. This NPRM will provide rules related to the taxes imposed by sections 4661 and 4671 of the Internal Revenue Code.”
I will probably not be covering this rulemaking, but I
thought that this was worth mentioning for my readers in the chemical processing
industry.
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