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June 24, 2022

IRS publishes new FAQs on reinstated Superfund chemical tax

The IRS has announced (IR-2022-131) new frequently asked questions (FAQs) regarding the Superfund chemical excise tax, which is reinstated as of July 1, 2022 under the Infrastructure Investment and Jobs Act. An excise tax will be imposed on (1) the sale or use of a taxable chemical by its manufacturer, producer or importer, and (2) an importer's sale or use of a taxable substance. A Tax Alert is forthcoming.