WASHINGTON, March 9, 2023 /PRNewswire/ —Â The American Trucking Associations is hailing congressional leaders for their efforts to repeal the antiquated federal excise tax on the purchase of new trucks.
“The federal excise tax on purchases of trucks adds nearly $25,000 to the cost of new equipment – slowing deployment of safer and more environmentally friendly vehicles,” said ATA President and CEO Chris Spear. “This more than 100-year-old tax – first instituted to support American troops during the First World War, has far outlived its usefulness and now acts as an impediment to creating jobs, reducing emissions and improving highway safety.”
The Modern Clean and Safe Trucks Act of 2023 was introduced in both the House and Senate by a bipartisan coalition of Congressmen and Senators, led by Reps. Doug LaMalfa, Chris Pappas, Earl Blumenauer and Darin LaHood in the House and Sens. Ben Cardin and Todd Young in the Senate. The FET is currently the highest percentage excise tax – at 12 percent – levied on any product.
“ATA thanks these champions for their leadership on this critical issue. We encourage Congress to take up and pass this legislation, an important step that will lead to both safer highways and decreased emissions,” said Spear.
American Trucking Associations is the largest national trade association for the trucking industry. Through a federation of 50 affiliated state trucking associations and industry-related conferences and councils, ATA is the voice of the industry America depends on most to move our nation’s freight. Follow ATA on Twitter or Facebook. Trucking Moves America Forward.
SOURCE American Trucking Associations
