About Form 6627, Environmental Taxes - IRS-2025

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The document is Form 6627, used by the Department of the Treasury's Internal Revenue Service to report environmental taxes related to petroleum and chemicals. It includes sections for calculating taxes on crude oil, imported petroleum products, various chemicals (excluding ozone-depleting substances), and ozone-depleting chemicals themselves. The form requires detailed entries of quantities, rates, and resulting tax amounts, which are then reported on Form 720.

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Click ‘Get Form’ to open it in the editor.
Begin by entering your name as shown on Form 720 and your Employer Identification Number (EIN) at the top of the form.
In Part I, input the quantities of crude oil received and taxed before receipt at the refinery. Calculate taxable crude oil by subtracting line 2 from line 1.
Continue filling out lines for domestic petroleum superfund tax and oil spill tax by multiplying the number of barrels by their respective rates.
Move to Part II for chemical taxes. Enter the tons of each chemical and multiply by the rate to calculate tax amounts.
Complete Parts III, IV, V, and VI similarly, ensuring all totals are accurately calculated and entered on Form 720 as required.

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What is the IRS form for farm expenses?

Sole proprietor farming businesses use IRS Schedule F, Profit or Loss from Farming to report income and expenses of the farming business. Schedule F can be used by partnerships, Corporations, Trusts and Estates to report farming activities.

What is a Superfund tax fee?

The Superfund Tax is a federal excise tax imposed on any taxable chemical sold or used by a manufacturer, producer, or importer on or after July 1, 2022. The monies are used to clean up hazardous waste sites.

What is the Superfund tax rate for 2025?

Additionally, as of January 1, 2025, the Superfund fee remains at 17 cts/bbl (0.00405 cts/gal) and may be adjusted yearly for inflation.

What is Form 6627 for environmental taxes?

The form 6627 is an attachment to Form 720 and used to figure the quarterly excise taxes under environmental tax on: Petroleum. Ozone-depleting chemicals (ODCs) Imported products that used ODCs as materials in the manufacture or production of the product, and.

How to calculate Superfund tax?

There are three ways to arrive at Superfund Excise tax rates: Use the default rates published by IRS. Self-assess the rate based on 10% of the appraisal value of the imported substances. * Calculate the rate based on the percentage amount of each listed chemical included in the substance.

What is the Superfund plastic tax?

Beginning again in mid-2022, the Superfund excise tax applies to the sale of certain chemicals like ethylene and propylene at a rate of $9.74 per ton. The Superfund excise tax goes into the Superfund, which is available to remediate environmental harms to land if no responsible party can be found.

What is the IRS Superfund tax rate?

The Superfund Tax rate for chemicals range from $048 per ton for nitric acid to $9.74 per ton for Benzene. The list of 42 chemicals and their respective excise tax rates is found in Internal Revenue Code (IRC) 4661(b). The Superfund tax is assessed on the manufacturer or importer of these chemicals.

What are environmental income taxes?

The term, environmental tax, encompasses an array of different types of taxes used to internalize negative environmental externalities, promote sustainable development, support environmental preservation, and generate revenue.

About Form 6627, Environmental Taxes - IRS-2025

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What is the IRS form for farm expenses?

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What is the Superfund tax rate for 2025?

What is Form 6627 for environmental taxes?

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What is the Superfund plastic tax?

What is the IRS Superfund tax rate?

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About Form 6627, Environmental Taxes - IRS-2025

Here's how it works

How to use or fill out About Form 6627, Environmental Taxes - IRS with DocHub

See more About Form 6627, Environmental Taxes - IRS versions

Complete this form in 5 minutes or less

Got questions?

What is the IRS form for farm expenses?

What is a Superfund tax fee?

What is the Superfund tax rate for 2025?

What is Form 6627 for environmental taxes?

How to calculate Superfund tax?

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People also ask

What is the Superfund plastic tax?

What is the IRS Superfund tax rate?

What are environmental income taxes?

Related links

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