IRS Issues Proposed Rule to Implement Reinstated Superfund Excise Taxes: A Good Start But Stakeholder Input is Needed
Highlights
The IRS issued a proposed rule in March to implement the Superfund excise taxes that were reinstated in late 2021 as part of the Infrastructure Investment and Jobs Act
The proposed rule is a good start, but further guidance is needed – and has been invited by the IRS – on a number of issues, with comments accepted until May 30, 2023
As these excise taxes will be in effect for at least 10 years, stakeholders should consider carefully assessing the proposed rule and the many open issues and comment on those aspects that will affect their interests
Two weeks after a relatively quick review by the Office of Management and Budget, on March 29 the Internal Revenue Service (IRS) issued a notice of proposed rulemaking to implement the Superfund excise taxes that were reinstated in late 2021 by the Infrastructure Investment and Jobs Act.
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