Chemical Superfund Excise Taxes Reinstated, Increased and Expanded by US Infrastructure Act; House-Passed Build Back Better Act Proposes Reinstatement of Superfund Excise Tax on Crude Oil and Petroleum Products

On November 15, 2021, President Biden signed the Infrastructure Investment and Jobs Act into law, reinstating two long-expired Superfund excise taxes on certain manufactured and imported chemicals, with effect as of July 1, 2022, through December 31, 2031. As a result, chemical companies will need to undertake a detailed review of the chemical composition of their products and their supply chain to understand if a product is subject to excise tax or whether an exception applies. This Legal Update provides further detail.