Reminder: HVUT due in August
Jul 21, 2005 9:40 AM
Heavy vehicle use tax (HVUT) payments for the period from July 1, 2005, to June 30, 2006 are due by August 31, 2005, thanks to changes made by Congress last year.
The Truck Renting and Leasing Association (TRALA) is reminding carriers that legislators eliminated the former option of paying the HVUT in quarterly installments.
The Internal Revenue Service sought the change to prevent tax evasion.
Proof of HVUT is required before a heavy-duty truck can be registered with a state.
On the other hand, Congress enacted a TRALA-sought provision that will provide a pro-rated HVUT tax credit to truck owners who sell a vehicle mid-year on which the full year's tax has already been paid.
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