Senator Introduces Heavy Vehicle Use Tax Equity Act

Washington, D.C. — U.S. Senator James M. Inhofe (R-Okla.) recently introduced legislation to provide a pro-rated tax refund to truck owners who sell their vehicles weighing more than 75,000 pounds but have already paid an annual heavy vehicle use tax. Under the current Internal Revenue Service (IRS) code, when a vehicle weighing more than 75,000 pounds is bought and driven more than 5,000 miles per year, the owner must pay a $550 heavy use tax. If the owner sells the vehicle in the same year, he is unable to receive a refund on this tax. The act, if passed, will require the purchaser to pay a pro-rated tax on the vehicle, while the owner will receive a refund for a portion of the tax already paid.