U.S. Senators Todd Young (R-Ind.) and Ben Cardin (D-Md.) on Wednesday introduced the Modern, Clean, and Safe Trucks Act of 2023. The bipartisan bill would repeal the federal excise tax (FET) on heavy trucks and trailers, which was established over 100 years ago to support efforts to pay for World War I.
Young
Today, the 12 percent FET is the highest percentage excise tax levied on any product, and at the same time, it is an unpredictable and minimal source of revenue for the Highway Trust Fund. The tax also discourages private investment to modernize America’s truck fleet with cleaner and safer trucks and trailers.
“It’s time to repeal this outdated and onerous tax on our Hoosier truckers,” Sen. Young said. “Our bipartisan bill will open the floodgates to investment in safer and cleaner trucks and trailers that will benefit our economy and the environment.”
“The current federal excise tax has become a barrier to our progress in encouraging cleaner and greener technology,” Sen. Cardin said. “I am proud to support tax policy that enables Maryland manufacturers to innovate and deploy cleaner and safer technologies in our trucking industry. Our legislation will spur growth and competitiveness while making our roads safer and less polluted.”
The bill is supported by the American Trucking Associations, American Truck Dealers, and Zero Emission Transportation Association (ZETA).
Click here to read the bill.