Proposed regulations concerning Superfund chemical tax and Superfund imported substance tax; OIRA review completed
Treasury and the IRS can be expected to release these proposed regulations for publication in the Federal Register.
OIRA review completed
OMB’s Office of Information and Regulatory Affairs (OIRA) reported it completed its review of proposed regulations concerning the Superfund chemical tax and Superfund imported substance tax.
OIRA received the proposed regulations for review on February 10, 2023, and completed its review on March 13, 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.
Now that OIRA review has been completed, Treasury and the IRS can be expected to release these proposed regulations for publication in the Federal Register, but the exact date of publication is not yet known.
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