Heavy vehicle use tax changed

July 7, 2005
The heavy vehicle use tax (HVUT) changes enacted by The American Jobs Creation Act was effective on July 1

The heavy vehicle use tax (HVUT) changes enacted by The American Jobs Creation Act was effective on July 1. Truck owners will no longer be able to pay the heavy vehicle use tax in quarterly installments; instead, the full year's tax will be due at once.

To partially offset the large annual tax burden, a new HVUT credit for a tax-paid vehicle that is sold during the tax year has been established.

Companies paying the tax for 25 or more vehicles will have to file electronically, however the Internal Revenue Service is currently not prepared to accept e-filings. Until the e-filing system is implemented, taxpayers must continue to file their Form 2290s by mail or in person.

Vehicles registered in Canada or Mexico will no longer get a 25% reduction in tax.

For more information, go to www.irs.gov.

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