IRS Backs ‘Used In’ Calculation For Superfund ‘Taxable Substance’ Rates

June 27, 2022
The Internal Revenue Service (IRS) has issued first-time guidance on how companies should calculate the Superfund taxes for the import of “taxable substances,” recommending companies calculate their own tax rates based on the set rate for taxable chemicals “used in” the manufacture or production of taxable substances. The IRS addressed the issue in a June 24 FAQ fact sheet , resolving industry concerns on whether companies should calculate the rate for substances based on the amount of taxable chemical “used...

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