21 Jan 2025
💰IRS Seeks Comments on Adding Cyanuric Acid to Taxable Substances List
Superfund Tax on Chemical Substances; Request To Modify List of Taxable Substances; Notice of Filing for Cyanuric Acid
Summary
This notice of filing announces that a petition has been filed requesting that cyanuric acid be added to the list of taxable substances. This notice of filing also requests comments on the petition. This notice of filing is not a determination that the list of taxable substances is modified.
Agencies
- Treasury Department
- Internal Revenue Service
Business Impact
$$ - Med
The filing for cyanuric acid to be added to the list of taxable substances suggests that businesses involved in the chemical industry may face new compliance and tax liabilities. With a proposed tax rate of $2.11 per ton, businesses need to prepare for potential financial impacts and comment on the petition before the March 24, 2025, deadline.