Throughout the week, we highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons. Read the recent alerts below or visit the archive.
U.S. Senate bill proposes to reinstate Superfund excise taxes On August 10, 2021, the United States Senate passed H.R. 3684, the Infrastructure Investment and Jobs Act (“Senate bill”), by a vote of 69-30. The Senate bill proposes to invest roughly $550 billion in new spending over the next five years on so-called “hard” infrastructure projects and includes limited tax-related incentives and revenue offsets (see Tax News & Views, Vol. 22, No. 37 for additional information). Among other proposals, the Senate bill proposes to reinstate and modify certain expired Hazardous Substance Superfund Trust Fund (“Superfund”) excise taxes on the production of certain chemicals through December 31, 2031, effective for periods after June 30, 2022.
This Multistate Tax Alert provides some background, summarizes the proposed provisions in the Senate bill, and provides some taxpayer considerations related to the Superfund excise taxes. [Issued: August 18, 2021] More
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