Chemical Industry Presses IRS For Updated Superfund Tax Guidance

Chemical distributors are urging the Internal Revenue Service (IRS) to formally adopt a withdrawn 1983 proposed rule, or issue a similar rulemaking, to provide clearer guidance on how to comply with the reinstated Superfund chemical taxes, outlining numerous areas where the lack of formal definitions makes it challenging to properly pay the taxes. The National Association of Chemical Distributors (NACD) “recommends that the IRS formally adopt the 1983 or similar regulations through proposed and temporary regulations as soon as possible,”...