support@tax2efile.com
          703-229-0326

Efile IRS Tax Form 2290 Truck Tax | Highway Heavy Vehicle Use Tax(HVUT)

Etax2290.com is the IRS authorized efile provider for form 2290 truck tax otherwise called as heavy vehicle use tax(hvut) return. It comes from a series of tax e-file services provided by yakshna solutions inc, which is a leading provider in the tax industry. There are customized packages available for fleet owners as well as tax professionals to file their road tax return with ease. It provides bulk filing features for large fleet owners and 24/7 customer support over phone, chat and email.

File form 2290 with etax2290 today and receive stamped schedule1 from IRS in minutes!

Truck Tax - How much revenue is generated From Form 2290?

Posted by Admin on 16. April 2012 21:14

 

The  (HVUT)  is a significant source of transportation funding in the U.S. Everytime you pay your  Truck Tax   by filing Form 2290  that tax payment goes into Specific Funds.  In 2006 alone, the  Truck Tax generated more than $1.4 billion in Federal Highway Trust Fund (HTF) revenue.

The figure shown below documents historic collections associated with the HVUT. The figure highlights three time periods of interest: 1984-85, 2001 and 2006. In 2001, HVUT receipts slumped due to the sagging economy and its impact on the motor carrier industry. In recent years, the HVUT has rebounded due to economic growth and the incentive to pre-buy or purchase trucks prior to 2007 to avoid the new EPA emissions rule. In 2006, HVUT revenue represented approximately 4.2 percent of total revenue deposited in the Highway Account of the Federal HTF. 

The figure also underscores the importance and potential payoff associated with strong enforcement. On July 1, 1984, HVUT rates were raised to their current levels. Not surprisingly, fiscal year (FY) 1985 HVUT revenues grew by nearly $200 million. On October 1, 1985, States were required to verify proof of payment as a condition of registering heavy trucks subject to the HVUT. In the year following introduction of this enforcement measure, HVUT revenues grew by an additional $154 million, representing an increase of nearly 41 percent.