US lawmakers propose ending 12% excise tax on heavy-duty trucks
Alsobrooks said the bill supports "a modern trucking industry allowing for the adoption of newer trucks that are safer and more fuel-efficient." The tax raises more than $6 billion annually that is dedicated to building and repairing roads.
Two U.S. senators on Tuesday proposed ending the 12% federal excise tax on heavy-duty trucks, saying it could boost sales of newer, cleaner models. Republican Senator Todd Young and Democratic Senator Angela Alsobrooks noted the tax adds $15,000 to $30,000 to the cost of a new heavy truck, trailer, semitrailer chassis or tractor and encourages continued use of older vehicles.
About one-fifth of the largest trucks on the road have engines produced before 2010. Alsobrooks said the bill supports "a modern trucking industry allowing for the adoption of newer trucks that are safer and more fuel-efficient."
The tax raises more than $6 billion annually that is dedicated to building and repairing roads. Congress has struggled for years to find new revenue for road repairs. Truckers are also facing sharply higher diesel costs due to the price spike following the start of the Iran war.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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