Superfund Excise Tax on Crude and Petroleum Products
The Inflation Reduction Act of 2022 reinstates the Hazardous Substance Superfund Financing Rate, also known as the Superfund Excise Tax on Crude and Petroleum Products.
Effective January 1, 2023, the tax rate will be 16.4 cents per barrel. There will be an annual cost-of-living adjustment.
This reinstated tax will apply to the same products (crude oil and petroleum products) and taxpayers as the current Federal Oil Spill Tax.
The tax will be paid to the IRS on Form 6627, Environmental Taxes, attached to Form 720, Quarterly Federal Excise Tax Return.
Current forms and instructions are available for Form 720 here and Form 6627 here.
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Disclaimer
The information provided on this website is for educational purposes only. Tax or legal guidance is not intended nor provided in any content on this website. Please seek tax or legal advice for application of the information to your business operations.
