This bill repeals certain excise taxes on chemicals and substances, aiming to reduce costs for businesses and consumers.
Chemical Tax Repeal Act This bill repeals the Hazardous Substance Superfund excise tax imposed on certain chemicals and chemical substances. Under current law, an excise tax is imposed through December 31, 2031, on taxable chemicals and taxable chemical substances that are (1) manufactured or produced in the United States, or (2) imported into the United States. The excise tax rate varies between 44 cents per ton to $9.74 per ton, depending on the chemical and certain other variables. (There are 42 listed taxable chemicals and 151 listed taxable chemical substances.) Further, under current law, amounts collected from the excise tax on taxable chemicals and taxable chemical substances are deposited into the Hazardous Substance Superfund, which finances the remediation of certain environmentally contaminated sites.
1. This bill removes specific excise taxes on taxable chemicals and substances. 2. The repeal of these taxes aims to lower costs for manufacturers and consumers. 3. It will take effect on January 1, 2024, impacting financial planning for businesses. 4. The bill is introduced by several representatives, indicating bipartisan support.