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Article: Certain truck bodies exempt from tax.(finances)(Brief Article)
- Article from:
- Commercial Carrier Journal
- Article date:
- April 1, 2005
CopyrightCOPYRIGHT 2005 Randall Publishing. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Internal Revenue Service last month declared that four types of truck bodies are excluded from the federal excise tax on heavy trucks. The excise tax does not apply to truck bodies and chassis suitable for use with vehicles that have a gross vehicle weight of 33,000 pounds or less. But retailers sometimes don't know the gross vehicle weight of the vehicle on which the body is to be mounted.
In guidance issued March 15, the IRS said that the following classes of truck bodies are to be ...