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Saturday, August 20, 2011

Truck Tax Regulations for 2011 (HVUT)


You don’t have to be a transportation expert to understand that Washington DC is known for its gridlock. The very worst of it is actually off the roads and on Capital Hill. While both parties in Congress continue to argue, there is a significant piece of legislation that has yet to be voted on. The delay of this legislation being enacted has thrown many people in the trucking & transportation industry for a loop.

The law previously referred to is a transportation law known as SAFETEA-LU – the Safe, Accountable, Flexible, and efficient Transportation Equity Act: A Legacy for Users – which expired in 2009, but it allowed the taxes associated with the Highway Trust Fund to be collected for an additional two years. When SAFETEA-LU became law in 2005, lawmakers added what they believed to be enough time to get the next multi-year transportation authorization bill in place.

Those two years have passed faster than expected and we are left without a new Highway Bill to replace it. The House and Senate committees are now drafting preliminary versions of the legislation and will continue to debate its details. Let’s hope that both sides come to an agreement soon to avoid massive confusion in the trucking industry. Trucking Regulations alone are complicated enough.

Under normal circumstances, tax provisions related to the Highway Trust Fund would be extended as part of the authorization. Unfortunately, no one can accurately predict what will happen in the future, especially with the extreme volatility between political parties of late. One thing that is predictable, however, is that ExpressTruckTax.com will keep updating their website and blog with the latest news affecting the Trucking Industry. Once there is more information available about the HVUT filing process, we will let you know. Express Truck Tax is the premier provider of Tax Services for the Trucking Industry; as soon as the IRS releases the new Form 2290, it will be available for EFiling at www.ExpressTruckTax.com.

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