Bill Introduced to Repeal FET
Oct 19, 2010 2:37 PM
Representative Earl Blumenauer (D-OR) has introduced H.R. 6312, the Heavy Truck Tax Fairness Act, which would repeal the 12% Federal Excise Tax (FET) on the sale of new heavy-duty trucks and trailers, replacing the lost revenue with a corresponding increase in the diesel fuel tax (expected to be an additional 7.3 cents per gallon).
Repealing and replacing the FET could help stimulate sales of new trucks while helping to stabilize the revenues that are collected, according to the National Truck Equipment Association (NTEA). As it stands, FET collections vary widely based on truck sales levels.
The NTEA does not expect action on this legislation during the lame duck session, but it could serve as a good starting point for discussions during next year’s highway funding debate.
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