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Superfund Excise Taxes Reinstated July 1, 2022

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The Infrastructure Investment and Jobs Act (IIJA), enacted into law on November 15, 2021, reinstated and modified two Superfund excise taxes, effective July 1, 2022. The first is the tax on chemicals under section 4661 and the second is the tax on imported substances under section 4671. The IIJA lowered this threshold to 20%.

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Superfund Excise Tax Is Catching Many Companies by Surprise

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The Superfund Excise Tax went into effect on July 1, 2022, and many companies are still struggling to understand whether it applies to their operations and how to properly estimate their potential liability. Even though the Superfund Excise Tax has been implemented in the past, it last expired over 25 years ago. billion of revenue.

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House Ways and Means Committee Introduces Potential Tax Extender Bill

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The Build It In America Act (HR 3938) addresses business taxpayer concerns regarding rising interest expense rates and deduction limitations on research and experimental expenditures, which could lead to drastically increased cash federal income tax payments. trillion over ten years.

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