Potassium carbonate joins Superfund tax modification queue
Published Date: 1/21/2025
Notice
Summary
The IRS got a request to add potassium carbonate to the list of chemicals that get a Superfund tax. This means companies dealing with this chemical might pay extra fees if the change happens. People have until March 24, 2025, to share their thoughts or ask for a public hearing before any decision is made.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 2 costs, 1 mixed.
Petition to Tax Potassium Carbonate
A petition was filed asking the IRS to add potassium carbonate to the list of taxable substances under Internal Revenue Code section 4672(a). The petition filing date for making a determination is November 25, 2024, but this notice is only a filing notice and is not a determination by the Treasury Department or IRS.
Petitioner's Proposed Tax Rate $0.36/ton
The petitioner (Occidental Chemical Corporation) included a petitioner-calculated tax rate of $0.36 per ton for potassium carbonate and used a conversion factor of 0.81 for potassium hydroxide. The petition also states that taxable chemicals constitute 71.83 percent by weight of the materials used to produce potassium carbonate.
Comment and Hearing Deadline: March 24, 2025
If you want to submit public comments or request a public hearing about the petition to add potassium carbonate, your submission must be received on or before March 24, 2025. Comments may be submitted electronically at regulations.gov (docket IRS-2025-0010) or mailed to the IRS address listed in the notice.
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Previous: 2025-01372, Superfund Tax on Chemical Substances; Request to Modify List of Taxable Substances; Notice of Filing for Potassium Bicarbonate
The IRS got a request to add potassium bicarbonate to the list of chemicals that get a Superfund tax. This means companies using this chemical might pay extra taxes if the change happens. People have until March 24, 2025, to share their thoughts or ask for a public hearing before any decision is made.
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