Suspension of the Federal Excise Tax (FET) could help the trucking industry tremendously through this COVID-19 recession. According to FleetOwner, in late July, Representative Chris Pappas (D-N.H.) sent a letter to the Democratic leaders of the U.S. House of Representatives calling for the suspension of the 12% FET on heavy-duty trucks and trailers to be included in the next coronavirus stimulus bill. Pappas wants the tax which can add $20,000 to a new truck’s cost off the books through 2021.
federal excise tax
Could Suspending The Federal Excise Tax On New Trucks Promote Safer Highways?
By: Markee Bittner / Posted on: August 6, 2020
Guttman Energy Daily Market Update Disclaimer – The information contained in this market update is derived from sources believed to be reliable; however this update could include technical inaccuracies or typographical errors and Guttman Energy does not guarantee the accuracy, completeness or reliability of this update. FURTHERMORE, THIS UPDATE IS PROVIDED "AS IS," WHERE IS, WITH ALL FAULTS AND WITHOUT ANY WARRANTY OR CONDITION OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY. GUTTMAN ENERGY ALSO SPECIFICALLY DISCLAIMS ALL EXPRESS AND IMPLIED WARRANTIES. YOU USE THIS UPDATE AT YOUR SOLE RISK. This update and any view or comment expressed herein are provided for informational purposes only and should not be interpreted in any way as recommendation or inducement to buy or sell products, commodity futures or options contracts.