President Signs Highway Bill; Includes $1.12 Billion Tax Title
Posted on: Saturday, 27 August 2005, 03:01 CDT
President Bush signed a $286.5 billion highway and mass transit bill on August 10. The Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU) (H.R. 3) includes a $1.12 billion tax title. The highway bill funds transportation projects for six years. The new law was almost two years in the making as Congress and the White House bickered over its cost.
The tax provisions of the highway bill are primarily transportation related. To pay help pay for the new law, Congress extended motor fuel excise and some other transportation taxes through 2011.
The highway bill also:
* Expands the ethanol excise tax credit to include alternative fuels;
* Increases exemptions for excise taxes levied on airplanes, alcohol and firearms;
* Authorizes $15 billion of tax-exempt bonds for transportation projects;
* Creates a new tax credit for wholesalers, distributors and importers of distilled spirits; and
* Exempts limousines over 6,000 pounds from the gas guzzler tax.
* Comment The highway bill also makes some technical corrections to the American Jobs Creation Act of 2004 (2004 Jobs Act) relating to fuel.
Copyright CCH Incorporated: Federal and State Tax Aug 18, 2005
Source: Standard Federal Tax Reports; Taxes on parade
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