TAX FILE: keep your eye out for tax changes

It looks as if the current highway authorization law, known as TEA-21, will expire September 30 before Congress completes work on a long-term replacement. In the past, such expirations have led to short-term extensions of prior law, usually with the same tax provisions as before. But last-minute changes to federal highway excise taxes can slip in. At least two other tax bills may pass with changes

It looks as if the current highway authorization law, known as TEA-21, will expire September 30 before Congress completes work on a long-term replacement. In the past, such expirations have led to short-term extensions of prior law, usually with the same tax provisions as before. But last-minute changes to federal highway excise taxes can slip in.

At least two other tax bills may pass with changes of importance to trucking. If an energy bill gets beyond a House-Senate conference, it is likely to have incentives for alternative fuels and possibly changes in ethanol taxation. And a bill to fix problems in the taxation of overseas corporation income may also include sweeteners for domestic small businesses and equipment purchasers.

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