News & Analysis as of

Hazardous Substances Internal Revenue Service

Bergeson & Campbell, P.C.

Petitions Filed to Add Several Chemicals to List of Taxable Substances; Comments Due January 28, 2025

On November 29, 2024, the Internal Revenue Service (IRS) announced that petitions have been filed to add the following chemicals to the list of taxable substances...more

Pierce Atwood LLP

Will Treasury Use Energy Tax Credits to Assist PFAS-Impacted Communities?

Pierce Atwood LLP on

Proposed tax regulations to be released this year may clarify whether agricultural land contaminated with per- and polyfluoroalkyl substances (PFAS) qualify for a federal tax credit that would incentivize renewable energy...more

Husch Blackwell LLP

The Inflation Reduction Act’s Brownfields Adder: Updates on What Sites Qualify

Husch Blackwell LLP on

As detailed previously, the Inflation Reduction Act (IRA) offers incentives to renewable energy development that takes place on certain properties that are affected by potential or confirmed contamination. Under the IRA, a...more

BakerHostetler

Overview of Proposed Regulations Superfund Taxes

BakerHostetler on

On March 29, the IRS and U.S. Treasury Department (Treasury) published proposed regulations regarding the recently reinstated Superfund chemical taxes (Proposed Regulations) and set a May 28 deadline for comments. The...more

Eversheds Sutherland (US) LLP

The Superfun(d) continues! IRS issues comprehensive Superfund chemical excise tax guidance

On March 27, 2023, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued much anticipated proposed regulations, REG-105954-22 (Proposed Regulations), and additional guidance in the form of Revenue...more

Eversheds Sutherland (US) LLP

The Superfund Tax is back: Recent IRS guidance and background

As this nation prepared to celebrate the Independence Day long weekend, many were preparing for the July 1, 2022, reinstatement of the Superfund chemicals tax (the Superfund Tax). The Superfund Tax is an excise tax imposed on...more

McGlinchey Stafford

The Superfund Tax Is Almost Here – Are You Ready?

McGlinchey Stafford on

Beginning July 1, 2022, a Federal excise tax, commonly referred to as the “Superfund Tax,” will be imposed on any taxable chemical sold by a manufacturer, producer, or importer. The Superfund Tax also will be imposed on the...more

Foley & Lardner LLP

The Infrastructure Investment and Jobs Act Reinstates the Superfund Tax, Starting July 1, 2022

Foley & Lardner LLP on

The Infrastructure Investment and Jobs Act, signed at the end of 2021, reinstates the Superfund chemical excise taxes under Sections 4661 and 4671 of the Internal Revenue Code. These taxes were in place until 1995 to fund the...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Superfund/Initial List of Taxable Substances: Internal Revenue Service Issues Notice 2021-66

The Internal Revenue Service (“IRS”) has published Notice 2021-66 titled: Superfund: Initial List of Taxable Substances; Registration; Procedural Rules; Request for Comments; Suspension of Notice 89-61 (“Notice 2021-66”)...more

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