Tuesday, March 14, 2023

OMB Approves Superfund Chemical Tax NPRM

Yesterday, OMB’s Office of Information and Regulatory Affairs (OIRA) announced that it had approved an notice of proposed rulemaking from the Treasury Department’s Internal Revenue Service (IRA) on “Superfund Chemical Tax and Superfund Imported Substance Tax”. According to the listing in the Fall 2022 Unified Agenda:

“Section 80201 [135 STAT 1329] 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.”

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