The IRS recently announced a three-month extension of the deadline for truckers and other owners of heavy highway vehicles to file their next federal Heavy Highway Vehicle Use Tax (Form 2290) return.
In general, the heavy vehicle use tax applies to trucks, truck tractors and buses with a gross taxable weight of 55,000 pounds or more.
Per the current federal regulation, heavy vehicle use tax returns for the taxable period that began July 1, 2011, would be due on August 31, 2011. However, under the amended regulation, those tax returns will instead be due on November 30, 2011.
As the current heavy vehicle use tax is set to expire on September 30, 2011, this three-month filing extension is intended to alleviate confusion and possible multiple filings should Congress reinstate or modify the tax after its expiration date.
If Congress does not extend the tax past September 30, 2011, truck owners will file one Form 2290 paying a reduced amount for the short 2011 taxable period (July 1st thru September 30th) by November 30, 2011.
If Congress does extend the tax beyond September 30, 2011, and substitutes a longer taxable period for the short 2011 taxable period, truck owners who were liable for the heavy vehicle use tax after June 30, 2011, and before November 1, 2011, also will file one Form 2290 for the taxable period July 1, 2011 – June 30, 2012 (or the end of the new taxable period, if earlier) by November 30, 2011.
In either case, most taxpayers will have to file only one return for the taxable period that began July 1, 2011.
The IRS reports that last year they received about 650,000 Form 2290 tax returns with payments totaling $886 million which is deposited in the federal Highway Trust Fund for distribution to the States to fund their various highway programs.
To view the IRS press release about this filing extension click here.
If you have any questions about this heavy vehicle use tax filing extension contact Glenn Bukoski at 517-347-8336.
