KPMG report: Third reinstated Superfund tax adds complexity
A KPMG report discusses additional compliance obligations and other considerations with respect to Petroleum Superfund tax
A KPMG report concerning the complexity of the third reinstated Superfund tax
H.R. 5376, commonly called the “Inflation Reduction Act of 2022” (IRA), modified section 4611—effective January 1, 2023—to reinstate the Hazardous Substances Superfund tax (“Petroleum Superfund tax”), which had expired December 31, 1995.
As a result, operators of U.S. refineries, importers of petroleum products, and users and exporters of crude oil may be subject to increased environmental excise taxes. The Petroleum Superfund tax is imposed in addition to an existing section 4611 tax and two other recently reinstated “Superfund” taxes.
Read a January 2023 report [PDF 194 KB] prepared by KPMG LLP: What’s News in Tax: Third Reinstated “Superfund” Tax Adds Complexity, which discusses the additional compliance obligations and other considerations with respect to the Petroleum Superfund tax.
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.