- Law enacted in 2021 expanded and reinstated superfund excise taxes on both the domestic production of certain chemicals and the importation of taxable substances that were previously subject to the superfund excise tax.
- These are the first proposed regulations on the Superfund Tax in over 40 years.
- While the proposed regulations are detailed and provided much needed guidance, the IRS noted seven significant areas where additional taxpayer comments are needed to help address uncertain issues.
- Comments on the proposed regulations are due within 60 days after the proposed regulation is published in the Federal Register (e.g., by May 28, 2023, if the proposed regulations are published on March 29, 2023).
Source EY
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