What is HVUT(Heavy Vehicle Use Tax)?
What is HVUT(Heavy Vehicle Use Tax)?
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Home Page > Finance > Taxes > What is HVUT(Heavy Vehicle Use Tax)?
What is HVUT(Heavy Vehicle Use Tax)?
Posted: Apr 25, 2011 |
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The term HVUT refers to the Heavy Vehicle Use Tax which is a fee which is imposed on heavy vehicles that operate on public highways. To qualify for HVUT, a vehicle must have a registered gross weight of 55,000 pounds or more. The gross taxable weight is calculated by adding the following:
unloaded weight of vehicle, fully equipped for service.
unloaded weight of any trailers equipped for service and customarily used in combination with the vehicle
weight of the maximum load customarily carried on the vehicle and on any trailers customarily used in combination with the vehicle.
What does the IRS consider to be a taxable highway motor vehicle, you may ask. Well, the IRS considers taxable Highway Motor Vehicles to be any self-propelled vehicle that is designed to carry a load over public highways. Examples of such vehicles include trucks, truck tractors, and buses. The IRS typically does not consider vehicles such as vans, pickup trucks, panel trucks, or similar vehicles because they do not typically weigh 55,000 pounds or more.
There are three different categories for HVUT rates for these vehicles. Vehicles Below 55,000 pounds do not have HVUT because they do not qualify as a heavy vehicle. Vehicles between 55,000 and 75,000 pounds owe $100, plus $22 per 1,000 pounds over 55,000 pounds. Finally, for vehicles that are over 75,000 pounds the maximum HVUT is $550 per year.
What is the Purpose of HVUT?
The HVUT is a significant source of transportation funding in the U.S. In 2006 alone, the HVUT generated more than $1.4 Billion in Federal Highway Trust Fund (HTF) revenue.
The Federal HTF protects America’s investment in its transportation infrastructure. In 2007 alone, Federal HTF receipts were $39.9 Billion, with $34.9 Billion dedicated to the HTF’s Highway Account. The Federal HTF finances a wide spectrum of transportation investments which include:
Highway improvements (e.g., land acquisition, other right-of-way costs, preliminary and construction engineering, construction and reconstruction, resurfacing and restoration costs of roadways and bridges)
Highway and bridge maintenance
Highway law enforcement
Safety programs (e.g., driver education and training, vehicle inspection programs, enforcement of vehicle size and weight limits)
Congestion relief projects
Administrative costs (e.g., research, engineering)
Investment in our nation’s highway infrastructure helps:
Save money, time, & lives
Reduce the amount and severity of crashes for all kinds of vehicles
Enhance the ability of emergency responders
Lower fuel and insurance costs
Decrease energy consumption
Ease congestion
Boost air quality
Increase mobility
Improve the efficiency of the movement of goods
Raise business productivity
Strengthen the nation’s economic productivity
Since the vast majority of all funds contributed by states to the Federal HTF are returned through highway improvements, this is a direct incentive for state agencies to take necessary measures to enhance HVUT compliance.
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