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Superfund Excise Taxes Reinstated July 1, 2022

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This means the tax rates will be higher and apply to more substances than they did in the past. These new excise taxes are set to expire 8½ years after they kick in ( i.e., on December 31, 2031), and they are expected to generate about $14 billion of revenue. Business Tax Services. polycarbonate. Contact Us.

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Superfund Excise Tax Is Catching Many Companies by Surprise

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The Superfund Excise Tax is established to raise funding for the Hazardous Substance Response Trust Fund which is administered by the Environmental Protection Agency and assists in the clean-up of hazardous waste sites when the owner or operator of the site cannot be identified. billion of revenue. Contact Us. Let’s Chat.

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House Ways and Means Committee Introduces Potential Tax Extender Bill

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On the Democratic side, there is still a strong desire to expand the child tax credit. Senate Finance Committee Chair Ron Wyden (D-OR) said business tax provisions must be paired with provisions helpful to children. billion in 2031. This article was originally published by Lynn Mucenski-Keck in Forbes on June 12, 2023.

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