Transportation Senator Proposes Heavy-Vehicle Tax Relief for Sellers

(TT File Photo) Sen James Inhofe is the chairman of the Transportation and Infrastructure subcommittee.

Sen. James Inhofe (R-Okla.), chairman of the Transportation and Infrastructure subcommittee, wants to give truck owners a small break by distributing some of the costs of the Heavy Vehicle Use Tax to the buyers.

Under current Internal Revenue Service regulations, the owner of a vehicle with a gross vehicle weight of 75,000 pounds or more that will be driven more than 5,000 miles in a year is required to pay the federal government a $550 heavy-vehicle use tax. The money goes into the Highway Trust Fund.

Inhofe’s bill, called the Heavy Vehicle Use Tax Equity Act, would allow a truck owner to receive a refund for a portion of the tax already paid if he sells the vehicle. The buyer of the vehicle would pay a prorated share of the tax.

For the full story, see the May 28 print edition of Transport Topics. Subscribe today.