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26 U.S.C. § 4672 - U.S. Code - Unannotated Title 26. Internal Revenue Code § 4672. Definitions and special rules

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Taxable substance.--For purposes of this subchapter--

(1) In general.--The term “taxable substance” means any substance which, at the time of sale or use by the importer, is listed as a taxable substance by the Secretary for purposes of this subchapter.

(2) Determination of substances on list.--A substance shall be listed under paragraph (1) if--

(A) the substance is contained in the list under paragraph (3), or

(B) the Secretary determines, in consultation with the Administrator of the Environmental Protection Agency and the Commissioner of U.S. Customs and Border Protection, that taxable chemicals constitute more than 20 percent of the weight (or more than 20 percent of the value) of the materials used to produce such substance (determined on the basis of the predominant method of production).

If an importer or exporter of any substance requests that the Secretary determine whether such substance be listed as a taxable substance under paragraph (1) or be removed from such listing, the Secretary shall make such determination within 180 days after the date the request was filed.

(3) Initial list of taxable substances.--

Cumene

Styrene

Ammonium nitrate

Nickel oxide

Isopropyl alcohol

Ethylene glycol

Vinyl chloride

Polyethylene resins, total

Polybutadiene

Styrene-butadiene, latex

Styrene-butadiene, snpf

Synthetic rubber, not containing fillers

Urea

Ferronickel

Ferrochromium nov 3 pct

Ferrochrome ov 3 pct. carbon

Unwrought nickel

Nickel waste and scrap

Wrought nickel rods and wire

Nickel powders

Phenolic resins

Polyvinylchloride resins

Polystyrene resins and copolymers

Ethyl alcohol for nonbeverage use

Ethylbenzene

Methylene chloride

Polypropylene

Propylene glycol

Formaldehyde

Acetone

Acrylonitrile

Methanol

Propylene oxide

Polypropylene resins

Ethylene oxide

Ethylene dichloride

Cyclohexane

Isophthalic acid

Maleic anhydride

Phthalic anhydride

Ethyl methyl ketone

Chloroform

Carbon tetrachloride

Chromic acid

Hydrogen peroxide

Polystyrene homopolymer resins

Melamine

Acrylic and methacrylic acid resins

Vinyl resins

Vinyl resins, NSPF.

(4) Modifications to list.--The Secretary shall add to the list under paragraph (3) substances which meet either the weight or value tests of paragraph (2)(B) and may remove from such list only substances which meet neither of such tests.

(b) Other definitions.--For purposes of this subchapter--

(1) Importer.--The term “importer” means the person entering the taxable substance for consumption, use, or warehousing.

(2) Taxable chemicals; United States.--The terms “taxable chemical” and “United States” have the respective meanings given such terms by section 4662(a).

(c) Disposition of revenues from Puerto Rico and the Virgin Islands.--The provisions of subsections (a)(3) and (b)(3) of section 7652 shall not apply to any tax imposed by section 4671.

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Cite this article: FindLaw.com - 26 U.S.C. § 4672 - U.S. Code - Unannotated Title 26. Internal Revenue Code § 4672. Definitions and special rules - last updated January 01, 2024 | https://codes.findlaw.com/us/title-26-internal-revenue-code/26-usc-sect-4672/

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