Public Law 117-169, 136 Stat. 1818 (August 16, 2022), commonly known as the Inflation Reduction Act, reinstates the Hazardous Substance Superfund financing rate on domestic crude oil and imported petroleum products, effective January 1, 2023. Tax Rates Starting January 1, 2023, the tax rate on domestic crude oil and imported petroleum products is the sum of the Oil Spill Liability Trust Fund financing rate (petroleum oil spill tax rate) and the Hazardous Substance Superfund financing rate (petroleum Superfund tax rate): The petroleum oil spill tax rate is $0.09 per barrel The petroleum Superfund tax rate is $0.164 per barrel for 2023 (rate is indexed annually for inflation) How to Report Report this tax quarterly on both: Form 720, Quarterly Federal Excise Tax Return Form 6627, Environmental Taxes Tax is imposed on domestic crude oil when it is received at a U.S. refinery. Tax is reported on the lines for IRS Nos. 18 and 53. Tax is imposed on imported petroleum products when they are entered into the U.S. for consumption, use or warehousing. Tax is reported on the lines for IRS Nos. 16 and 21. How to Pay Deposit payments with the Electronic Federal Tax Payment System (EFTPS).
