Install
Chemical Tax Repeal Act
To amend the Internal Revenue Code of 1986 to repeal the excise taxes on taxable chemicals and taxable substances.
- Introduced
- Committee
- Passed House
- Passed Senate
- To President
- Became law
Summary
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.
Summary by the Congressional Research Service, Library of Congress.
Actions
- Jan 22, 2025 Referred to the House Committee on Ways and Means.
- Jan 22, 2025 Introduced in House
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