Emergency Justification

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DEPARTMENT OF THE TREASURY
WASHINGTON, D.C. 20220

TO:

Alex Goodenough, Office of Information and Regulatory Affairs

FROM:

Ryan Law, Deputy Assistant Secretary for
Privacy, Transparency, and Records

SUBJECT:

Justification for Emergency Processing: Quarterly Federal Excise Tax Returns
(Form 720)

The Department of the Treasury and the Internal Revenue Service (IRS) are requesting approval
of a revision to OMB Control Number 1545-0023 under emergency procedures in connection
with provision of Public Law 117-58, Section 80201 (November 15, 2021), The Infrastructure
Investment and Jobs Act extends, with modifications, the section 4661 excise tax on chemicals
(other than ODCs) and imported chemical substances. The statute requires that the new
requirements begin on July 1, 2022.
Form 720, Quarterly Federal Excise Tax Return, is used to report your liability by excise tax
(IRS No.) and pay the excise taxes listed on the form.
Form 6627, Environmental Taxes, is used to figure the environmental tax on petroleum, OzoneDepleting Chemicals (ODCs), imported products that used ODCs as materials in the manufacture
or production of the product, and the floor stocks tax on ODCs pursuant to IRC 4461, 4681 and
4682. The tax liability calculated on Form 6627 is reported on Form 720, Part I or II as
applicable.
The IRS plans to release Form 720 on May 20th to allow respondents to prepare for the new
reporting requirements beginning on July 1, 2022. Therefore, IRS requests OMB approval of the
revisions by May 19th. Given the inability to seek public comment during such a short
timeframe, IRS respectfully requests a waiver from the requirement to publish notice in the
Federal Register seeking public comment during the period of Office of Management and
Budget review. However, public comment will be solicited in conjunction with the subsequent
extension of the approval to collect this information.