IRS Poised To Propose Superfund Tax Rule As Industry Requests Guidance

The Internal Revenue Service (IRS) is poised to propose a rule governing its renewed Superfund tax on the manufacture and distribution of chemical substances after clearing White House review earlier this week, though chemical industry groups are urging the agency to craft guidance and extend penalty relief due to the lengthy rulemaking process. The proposed rule cleared review by the Office of Management and Budget (OMB) on March 13, according to the office’s website. According to the Treasury Department’s regulatory...