NACD applauds IRS for extending relief, clarifying guidance on reinstated US Superfund taxes
HOUSTON (ICIS)–The National Association of Chemical Distributors (NACD) applauded the Internal Revenue Service (IRS) for extending temporary penalty relief and for clarifying its guidance following the reinstatement of two Superfund taxes as part of the $1tr Infrastructure Investment and Jobs Act, which went into effect on 1 July 2022.
In a letter to the IRS, the trade group’s fifth on the topic, the NACD said the prepublication of the Superfund tax proposed rule is welcome news for impacted businesses – including chemical distributors – across the nation.
“NACD applauds the IRS for listening to the concerns of those affected by not only clarifying its guidance, which includes definitions and examples, but also by extending its penalty relief for businesses who have made a good-faith effort to comply with the law,” Eric R Byer, NACD president and CEO, said in the letter.
“The proposed guidance in the prepublication will go far in providing chemical distributors, many of which are small businesses, the information they need to incorporate the impacts of the Superfund tax into their business operations,” Byer added.
Superfund taxes are so named because they are intended to replenish the environmental fund established by the US government to clean up waste sites.
Byer said the NACD is carefully reviewing the notice of proposed rulemaking and plans to submit additional comments during the 60-day comment period, which is expected to begin on 29 March.
Additional reporting by Al Greenwood
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