The Infrastructure Investment and Jobs Act, enacted on November 15, 2021, reinstated the superfund chemical excise taxes (SCET) under IRC Sections 4661 and 4671. Section 4661 imposes on manufacturers, importers, and producers a per-ton federal excise tax on the first sale or use of 42 enumerated chemicals. Section 4671 imposes taxes on an importer’s sale or use of listed substances that are produced using taxable chemicals. The Act provides that SCET resume on July 1, 2022.
Source PwC
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