United States Sen James M Inhofe (R-OK) has introduced new legislation to provide a prorated tax refund to truck owners who sell their vehicles weighing more than 75,000 pounds but have already paid their annual heavy-vehicle-use tax.
Under the current Internal Revenue Service code, when a vehicle of more than 75,000 pounds is bought and driven more than 5,000 miles in a year, the owner must pay a $550 heavy-use tax. However, if the owner sells the vehicle in the same year, he or she is unable to receive a refund on this tax, while the person buying the vehicle does not have to pay the tax during that year since it has already been paid. The Heavy Vehicle Use Tax Equity Act will make current tax laws more equitable by requiring the purchaser to pay a prorated tax on the vehicle, while the owner will receive a refund for a portion of the tax already paid.