Thomson Reuters releases tax tool for Superfund sites

Thomson Reuters announced the release of a new tax tool meant specifically for calculating tax liabilities connected with Superfund sites.

Superfund sites are essentially areas deemed by the government to be in need of environmental remediation, for which the owners are expected to take responsibility, either by cleaning up the site themselves or reimbursing the government to do it.

Specifically, the new tool is meant to aid compliance with the provisions of the Chemicals Superfund Excise Tax and Hazardous Substances Tax, which was passed as part of the 2021 Infrastructure Bill and goes into effect this coming July. Under this new tax, almost 200 chemicals and substances will face taxes at double the rate of the original Superfund tax that expired in 1995.

The new software uses the existing cloud-based ONESOURCE Determination product to act as a volumetric-based tax calculator specific to the new requirements. The company plans to update the program as additional substances and chemicals are added to the regulation.

“The complexities of the reinstated Superfund taxes can’t be overstated,” said Sunil Pandita, president of the corporates segment at Thomson Reuters, in a statement. “Most chemical and petrochemical companies impacted by the new law will need to accurately calculate the volume of an evolving list of substances in their products and report and pay the taxes to the IRS semi-monthly. Currently, systems just aren’t prepared, and manual processes require even more resources to maintain accuracy and timeliness. I’m proud of the ONESOURCE product team at Thomson Reuters for quickly bringing a product to market to help companies comply with the ever-complex regulatory environment.”