Bill > HR2424

This bill seeks to repeal the 12-percent federal retail excise tax on new heavy trucks, tractors, and trailers, which has been in place since 1917 originally to help finance World War I. The bill argues that this tax significantly increases the cost of new heavy-duty vehicles, with the tax adding approximately $7,000 to $50,000 to the price of new trucks and trailers, and disproportionately impacts electric and alternative-fueled trucks. The legislation highlights that nearly half of Class 8 trucks on the road are over 10 years old and lack modern environmental and safety technologies, and notes that new trucks have already significantly reduced carbon dioxide, nitrogen oxide emissions, and diesel consumption since 2007. By eliminating this excise tax, the bill aims to encourage the replacement of older trucks with newer, cleaner, and safer vehicles that employ advanced engine technologies and contribute to reducing carbon pollution from transportation. The bill also suggests that Congress should consider alternative, more consistent revenue mechanisms for the Highway Trust Fund. The proposed amendments would remove the entire subchapter related to the excise tax from the Internal Revenue Code and make corresponding technical changes to related sections, with the changes applying to sales and installations from the date of the bill's introduction.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/2424/all-info