Proposed regulations pending OIRA review: Superfund chemical tax and Superfund imported substance tax
OMB’s Office of Information and Regulatory Affairs (OIRA) received for review proposed regulations
Superfund chemical tax and Superfund imported substance tax
OMB’s Office of Information and Regulatory Affairs (OIRA) received for review from the U.S. Treasury Department proposed regulations concerning the Superfund chemical tax and Superfund imported substance tax.
According to OIRA, the proposed regulations were received for review on February 10, 2023.
- RIN: 1545-BQ40: Superfund Chemical Tax and Superfund Imported Substance Tax
A brief description provided by OIRA is as follows:
Section 80201 of the Infrastructure Investment and Jobs Act (IIJA), Public Law 117-58, 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 [Notice of Proposed Rulemaking] will provide rules related to the taxes imposed by sections 4661 and 4671 of the Internal Revenue Code.
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