Prorated tax refund proposed in Senate

| Friday, September 07, 2001

Sen. James Inhofe (R-OK) has introduced a bill to amend the Internal Revenue Code of 1986. The bill would prorate the heavy vehicle use tax to truck owners who sell a vehicle (more than 55,000 pounds) within the tax year.

OOIDA Vice President Todd Spencer is encouraged to see legislation proposed to abolish the tax. "The current system isn't one that accurately reflects a use tax at all," he said. "It creates a burden to all parties associated with the trucking industry. In some instances the tax gets paid twice. OOIDA welcomes the new legislation."

S.878 has been sent to the Senate finance committee.

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