IRS Receives First-Time Petitions To Add ‘Substances’ To Superfund Tax Lists

January 6, 2023
A chemical exporting company is petitioning the Internal Revenue Service (IRS) for the first time to add two new substances to the agency’s list of taxable substances under the renewed Superfund tax on hazardous chemicals and substances, an anticipated move that opens the door for possible export credits on the substances. Celanese Ltd., a chemical and specialty materials company, is petitioning to add polyoxymethylene and polyphenylene sulfide to the list of taxable substances, and if the petitions are approved by...

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