Search Results for keywords:"Taxable Substances"

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Search Results: keywords:"Taxable Substances"

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  • 2025-01373 — Superfund Tax on Chemical Substances; Request to Modify List of Taxable Substances; Notice of Filing for Potassium Carbonate
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    Type:Notice
    Citation:90 FR 7247
    Reading Time:about 3 minutes

    The Internal Revenue Service (IRS) has announced that a petition has been filed to add potassium carbonate to the list of taxable substances. This substance, used in cattle feed, glass manufacturing, and as a food additive, is being proposed for taxation based on its production method and components. The petition, submitted by Occidental Chemical Corporation, suggests a tax rate of $0.36 per ton. The public is invited to comment on this proposal by March 24, 2025.

    Simple Explanation

    The IRS got a request to charge a small fee on something called potassium carbonate, which is used in making glass and food. They’re asking people to say what they think about this idea before making a decision.

  • 2025-01370 — Superfund Tax on Chemical Substances; Request To Modify List of Taxable Substances; Notice of Filing for Cyanuric Acid
    💰
    Type:Notice
    Citation:90 FR 7246
    Reading Time:about 3 minutes

    A petition has been filed requesting the addition of cyanuric acid to the list of taxable substances, as stated by the Internal Revenue Service (IRS). This notice invites public comments on the petition and clarifies that this is not yet a decision to modify the list. The petition was submitted by Occidental Chemical Corporation, which asserts that cyanuric acid is composed of 27.90% taxable chemicals by weight and calculates a proposed tax rate of $2.11 per ton. Public feedback must be submitted by March 24, 2025, through the Federal eRulemaking Portal or via mail.

    Simple Explanation

    The government is thinking about making a special rule to add cyanuric acid, a kind of chemical, to a list where it would be taxed, and they want to hear what people think about this idea. A company says this chemical should cost $2.11 tax for each ton they make, and everyone can say what they think until March 24, 2025.