Source: http://www.law.cornell.edu/uscode/text/26/4672?quicktabs_8=2
Timestamp: 2014-07-29 13:54:15
Document Index: 43970730

Matched Legal Cases: ['§ 4672', '§ 4672', '§ 4672', '§ 515', '§ 2001', '§ 2001', '§ 2001', '§ 2001']

26 U.S. Code § 4672 - Definitions and special rules | LII / Legal Information Institute
U.S. Code › Title 26 › Subtitle D › Chapter 38 › Subchapter C › § 4672 26 U.S. Code § 4672 - Definitions and special rules
Taxable substance For purposes of this subchapter—
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.
Determination of substances on list A substance shall be listed under paragraph (1) if—
the substance is contained in the list under paragraph (3), or
the Secretary determines, in consultation with the Administrator of the Environmental Protection Agency and the Commissioner of Customs, that taxable chemicals constitute more than 50 percent of the weight (or more than 50 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.
Initial list of taxable substances Cumene
Polyethylene resins, total
Styrene-butadiene, latex
Styrene-butadiene, snpf
Synthetic rubber, not containing fillers
Ferrochromium nov 3 pct
Ferrochrome ov 3 pct. carbon
Wrought nickel rods and wire
Polystyrene homopolymer resins
Polyvinylchloride resins
Polystyrene resins and copolymers
Acrylic and methacrylic acid resins
Ethyl alcohol for nonbeverage use
Vinyl resins, NSPF.
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.
Other definitions For purposes of this subchapter—
Importer The term “importer” means the person entering the taxable substance for consumption, use, or warehousing.
Taxable chemicals; United States The terms “taxable chemical” and “United States” have the respective meanings given such terms by section 4662
Disposition of revenues from Puerto Rico and the Virgin Islands The provisions of subsections (a)(3) and (b)(3) ofsection 7652 shall not apply to any tax imposed by section 4671.
(Added Pub. L. 99–499, title V, § 515(a),Oct. 17, 1986, 100 Stat. 1768; amended Pub. L. 100–647, title II, § 2001(b),Nov. 10, 1988, 102 Stat. 3594.)
1988—Subsec. (a)(2). Pub. L. 100–647, § 2001(b)(2), inserted at end “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.”
Subsec. (a)(2)(B). Pub. L. 100–647, § 2001(b)(1), inserted “(or more than 50 percent of the value)” after “weight”.
Subsec. (a)(4). Pub. L. 100–647, § 2001(b)(3), amended par. (4) generally. Prior to amendment, par. (4) read as follows:
“(A) In general.—The Secretary may add substances to or remove substances from the list under paragraph (3) (including items listed by reason of paragraph (2)) as necessary to carry out the purposes of this subchapter.
“(B) Authority to add substances to list based on value.—The Secretary may, to the extent necessary to carry out the purposes of this subchapter, add any substance to the list under paragraph (3) if such substance would be described in paragraph (2)(B) if ‘value’ were substituted for ‘weight’ therein.”
Section effective Jan. 1, 1989, see section 515(c) ofPub. L. 99–499, set out as a note under section 4671 of this title.