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Will Congress Extend Retail Excise Tax for Trucks, Trailers, and Tractors?

Posted March 28, 2012

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The retail excise tax on trucks, tractors, and trailers, as part of the federal excise tax (FET), is set to expire on March 31, 2012. Last week, the U.S. Senate passed the bill Moving Ahead for Progress in the 21st Century, which extends the current retail excise tax on trucks, trailers, and tractors, and extends tax-free sales to state and local governments, to October 1, 2015.

Only the Senate has voted to extend the retail excise tax. The U.S. House of Representatives has made two attempts to pass their own extension: a five year extension was tabled, and a 90-day extension did not receive enough votes to pass.

"Ultimately, the House and Senate will need to reconcile their differences to pass an extension. It is hard to believe the government will pass up the opportunity to collect tax revenues for the highway system," says Greg Althardt, leader of the national truck and trailer dealership group with CliftonLarsonAllen. "Given the short timeframe before the current expiration and possible lost dollars from a lack of FET revenue, the House will most likely pass the Senate version of the bill."

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