Page 4

4

SECTION 1. PURPOSE This revenue procedure sets forth inflation-adjusted items for 2024 for various Code provisions as in effect on November 9, 2023. The inflation adjusted items for the Code sections set forth in section 3 of this revenue procedure are generally determined by reference to § 1(f). To the extent amendments to the Code are enacted for 2024 after November 9, 2023, taxpayers should consult additional guidance to determine whether these adjustments remain applicable for 2024. SECTION 2. CHANGES .01 For calendar years beginning on or after January 1, 2023, § 13601(a)(2) of Public Law 117-169, 136 Stat. 1818 (August 16, 2022), commonly known as the Inflation Reduction Act of 2022 (IRA), reinstates the Hazardous Substance Superfund financing rate for crude oil received at a United States refinery and petroleum products entered into the United States for consumption, use, or warehousing under § 4611. The rate of tax imposed by § 4611 is the sum of the Hazardous Substance Superfund rate and the Oil Spill Liability Trust Fund financing rate. In the case of crude oil or petroleum products entered after December 31, 2016, for calendar years beginning in 2023, the rate of tax imposed by § 4611(a) is $0.254 cents a barrel. .02 The Hazardous Substance Superfund financing rate described in section 2.01 of this revenue procedure is adjusted for inflation for calendar years beginning in 2024.