Tax News Update    Email this document    Print this document  

April 4, 2023
2023-0656

Wednesday, April 19 | What you need to know about the new Superfund Tax Proposed Regulations (2 pm ET)

Please join EY's panel of professionals for a webcast focused on the recently released proposed regulations pertaining to the environmental taxes imposed by IRC Sections 4661 and 4671. Known commonly as the "Superfund Tax," this excise tax is levied on certain chemicals that are either manufactured in the US or imported, and is imposed on imported chemical substances containing those chemicals; the tax is effective July 1, 2022 (see Tax Alert 2021-2059). Proposed Superfund Tax regulations were published in the Federal Register and made open for public comment on March 29, 2023, with submissions of written comments and requests for a public hearing sent to www.regulations.gov on or before May 30, 2023. Companies may want to analyze the proposed regulations to determine their potential impact; and consider submitting comments.

During the webcast, we will focus on the proposed regulation's procedural rules and interpretation of the Superfund Tax statutes. We will also share insights into aspects of the Superfund Tax clarified by the proposed regulations, issues that the proposed regulations did not address, and new uncertainties potentially created by the proposed regulations.

Topics will include:

  • Review of the new definitions
  • Form 637 clarifications
  • Taxation of chemical mixtures
  • Taxation of ethane and butane
  • Understanding predominant method of production
  • Understanding tax liability of importations, including foreign manufacturers and foreign-drop shipments
  • Perfecting tax-free sales/refunds
  • Interpreting conditions to Allowance Rules
  • Responding to the IRS's request for comments

Date: Wednesday, April 19, 2023

Time: 2:00-3:00 p.m. ET New York; 11:00 a.m.-12:00 p.m. PT Los Angeles

Registration: View archive here.

Panelists

John Heithaus, Principal, Indirect Tax, Ernst & Young LLP

Michael Leightman, Partner, Indirect Tax Global Trade, Ernst & Young LLP

Lori Haniford, Partner, Indirect Tax Excise Tax, Ernst & Young LLP

Adam Francis, Principal, Washington Council Ernst & Young, Ernst & Young LLP

Moderator

Lori Maite, Managing Director, Indirect Tax, Ernst & Young LLP

CPE credit offered: up to 1.2 depending on duration. Recommended field of study: Taxes. Learning objectives: Understand the recently enacted Infrastructure legislation as it pertains to the Superfund chemicals excise tax; identify the tracking, importation, and tax implications of the legislation upon a company; provide a perspective on how leading-practice organizations are planning to comply. This course has no prerequisites or advanced preparation. Final CPE award to be based on content, polling, and length of participation. See CPE FAQ for more information.

EY webcast managed and produced by Ernst & Young LLP's Tax Technical Knowledge Services Group, Washington, DC: Lynn Fairfax | lynn.fairfax@ey.com and Barbara Kirchheimer | Barbara.Kirchheimer@ey.com

Learn about and register for EY Tax webcasts

You can learn about and register for any EY Tax webcast here.

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement