The American Truck Dealers (ATD) announced it is launching “Suspend the FET Week,” starting June 15.
The event is designed to advocate for Congress to suspend the 12 percent federal excise tax (FET) on heavy-duty trucks and trailers to the end of 2021. FET suspension is needed to help jumpstart the economic recovery and protect truck dealerships and industry jobs, ATD says.
Rep. Chris Pappas (D-N.H.) is circulating a House Democrat-only letter to House Speaker Nancy Pelosi (D-Calif.) and other House Democratic leaders urging that FET suspension be included in an economic stimulus bill the House may consider in July.
In part, the letter states, “The FET on heavy-duty trucks, first implemented to help fund World War I, is hitting truck sales hard during this [COVID-19] pandemic. At 12 percent, this tax has grown to become one of the highest percentage excise taxes and adds approximately $21,000 to a vehicle’s cost. In addition to the positive impact a suspension will have on the industry and its workers, the FET causes truck owners to delay upgrading to safer, more fuel-efficient equipment.”
ATD and the Modernize the Truck Fleet coalition it leads are urging dealers and other trucking industries stakeholders to contact House Democrats and ask them to sign the Pappas FET suspension letter.