IRS Process For Revising Superfund Tax List May Require New Petitions

The Internal Revenue Service (IRS) has provided guidance, long-sought by industry groups, for revising the list of “taxable substances” subject to the Superfund tax but the just-released document says that some petitions submitted prior to the July 1 implementation date may need to be resubmitted to comply with the new procedural requirements. In addition, the IRS has also issued default tax rates for 121 of the current 151 taxable substances. The two guidance documents issued over the past few days...