21 Jan 2025
💼IRS Notice on Tax Classification for Potassium Bicarbonate
Superfund Tax on Chemical Substances; Request to Modify List of Taxable Substances; Notice of Filing for Potassium Bicarbonate
Summary
This notice of filing announces that a petition has been filed requesting that potassium bicarbonate 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
This notice involves a potential change in tax regulations related to potassium bicarbonate, which impacts businesses involved in its production and distribution. Companies will need to assess their compliance obligations and potential tax implications based on the proposed classification and tax rate.