IRS Excise Tax Guidance

The IRS has issued guidance related to the reinstatement of the excise tax, also known as the Superfund chemical tax, imposed on certain chemicals and modifies the applicable tax rates, effective July 1, 2022. This tax is imposed on any taxable chemical sold by the manufacturer, producer, or importer of the chemical. This notice, issued December 14, 2021, contains a listing of the chemicals subject to the excise tax.

This article was submitted by Amanda Gillen, KPMG. If you would like to submit content or write an article for the Tax Section, please email Kara Sikorski at ksikorski@indybar.org.

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