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.