Polyoxymethylene to Be Added to List of Chemicals Subject to Excise Taxes
Polyoxymethylene, a thermoplastic, will be on the list of imported chemicals and substances subject to superfund excise taxes, according to a determination from the Internal Revenue Service published May 31 in the Federal Register.
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The modification becomes effective on Oct. 1 for tax purposes. The inclusion of the substance on the list enables manufacturers, producers and importers of polyoxymethylene to file refund claims under Section 4662(e) of the Internal Revenue Code effective July 1, 2022.
Dallas-headquartered Celanese Ltd, an exporter of polyoxyethylene, had petitioned the IRS in December 2022 to put the substance on the list.
The IRS imposes superfund excise taxes on certain imported chemicals and substances that make up the list, per direction from the Infrastructure Investment and Jobs Act (see 2303270051). The Superfund chemical taxes are slated to expire at the end of 2031.