As a result of a recent court case and the IRS' acquiescence in the court’s decision, the section 4611(b) tax no longer applies to crude oil exports. Internal Revenue Code section 4611(b) imposes a tax on certain domestic crude oil exports. Petroleum Tax - Crude Oil Exports Reinstatement of Hazardous Substance Superfund Financing Rate The Inflation Reduction Act of 2022 extended several fuel tax credits through December 31, 2024. Find details, including when stock repurchases may prompt the excise tax, in Notice 2023-02. The Inflation Reduction Act of 2022 created a new 1% excise tax on the repurchase of corporate stock by certain publicly traded corporations or their specified affiliates. Excise Tax on Repurchase of Corporate Stock PDF Producers of coal in the United States are liable for the excise tax imposed on the first sale or use of coal. That provision funds the Black Lung Disability Trust Fund. 1818) made permanent higher tax rates under section 4121 of the Internal Revenue Code. The Inflation Reduction Act of 2022 (Public Law 117-169, 136 Stat. The taxes had previously expired in 1995. 429) reinstated the excise taxes on certain chemicals and chemical substances, with certain modifications, effective July 1, 2022. The Infrastructure Investment and Jobs Act (Public Law 117-58, 135 Stat. Recent Tax Law Updates Superfund Chemical Excise Taxes Reinstated Excise Summary Terminal Activity Reporting System (ExSTARS).Registration for Certain Excise Tax Activities.Entry into the United States, or sale or use after importation.Excise taxes may be imposed at the time of: Taxpayers include importers, manufacturers, retailers, and consumers, and vary depending on the specific tax. Don't file a second return.įor faster processing, electronically file Forms 720, 22.Įxcise taxes are taxes imposed on certain goods, services, and activities. This includes Forms 720, 2290, 8849, and faxed requests for expedited copies of Form 2290 Schedule 1. Paper excise tax forms are taking longer to process.
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