The Inflation Reduction Act of 2022 reinstated the Hazardous Substance Superfund Financing Tax Rate on Crude Oil and Petroleum Products, effective January 1, 2023. This is in addition to the reinstated Superfund chemical excise tax that took effect on July 1, 2022. Certain liquid taxable substances subject to the chemical excise tax may also be petroleum products. When a chemical product is both a taxable substance and a petroleum product, it is taxed as a petroleum product, with the taxes due when entered into the United States. This is likely to have an impact on NACD members and cause even more confusion.
Please join NACD for a webinar to be presented by tax attorney Douglas Charnas of McGlinchey Stafford PLLC and chemical regulatory experts Lynn Bergeson and Richard Engler, Ph.D. of Bergeson & Campbell, P.C. They will discuss the newly reinstated tax rate and how to determine its impact on your business.
Note: This webinar is for members only. Your registration will be pending until your membership status has been verified.