tax News Updates

Government, Business

Virginia Senate Favors Boosting Fuel Tax

The Virginia Senate has passed a transportation funding bill that would increase the 17.5-cent tax on gasoline and diesel by 5 cents to 22.5 cents, putting the senators at odds with the House and Republican Gov. Bob McDonnell, who want to stop taxing gasoline but keep the diesel tax.

February 14, 2013
Government, Business

Va. Senate Votes to Increase Taxes on Fuel, After Rejecting Gov.’s Plan

The Virginia Senate on Wednesday passed a transportation funding bill that would raise the state’s 17.5-cent tax on gasoline and diesel fuel by a nickel, to 22.5 cents a gallon, after last week rejecting Gov. Bob McDonnell’s proposal to do away with the gasoline tax entirely.

February 13, 2013
Government, Business

Wyoming Senate Votes to Add a Dime to State’s 14-Cent Diesel Tax

The Wyoming Senate on Thursday approved and sent to the governor a bill that would add a dime to the state’s 14-cent-per-gallon diesel and gasoline tax.

February 13, 2013
Government, Business

Michigan Gov. Proposes 18-Cent Diesel Tax Hike

Michigan Gov. Rick Snyder (R) has proposed increasing the state diesel tax by 18 cents to a total of 33 cents a gallon to fix roads and bridges, the Associated Press reported.

February 11, 2013
Business

States Consider Boosting, Supplementing Gasoline Taxes to Pay for Infrastructure

States hit by falling revenue from fuel taxes are considering new sources of revenue, including raising gasoline taxes and creating taxes based on miles traveled, USA Today reported.

January 25, 2013
Business

New Transportation Funding Proposals Include Replacing Fuel Tax With Sales Tax

WASHINGTON — With the nation’s Highway Trust Fund on the brink of insolvency and states searching for ways to pay for transportation, a flurry of innovative funding proposals surfaced last week.

January 21, 2013
Government, Business

Mass. Weighs Tax Options as Part of Transportation Funding Plans

Massachusetts would have to increase its gasoline and diesel tax to 51 cents from 21 cents a gallon in order to erase long-standing transportation deficits and meet annual transit and highway needs, according to a report released Monday by the state’s Department of Transportation.

January 15, 2013
Business

Chamber of Commerce President Calls for Higher Gas Tax

U.S. Chamber of Commerce President Thomas Donohue said it was time for an increase in the federal gasoline tax to help pay for infrastructure improvements, Reuters reported.

January 11, 2013
Government, Business

Tax Bill Includes Bonus Depreciation

The tax bill signed by President Obama and passed by Congress to keep the nation from going over a “fiscal cliff” allows fleets to deduct 50% of the cost of new trucks and other equipment in 2013.

January 3, 2013
Business

‘Fiscal Cliff’ Sparks New Deals as Carriers Ponder Tax Changes

The nation’s pending “fiscal cliff” and uncertainty about future federal tax rates are turning up the pressure to complete trucking industry acquisitions and sales before the end of the year, according to industry experts.

December 10, 2012