SEMA-opposed legislation to impose a vehicle miles traveled (VMT) tax on state motorists has been introduced in Texas. Under the bill, the amount of the VMT tax would vary by vehicle type. Vehicles weighing 10,000 lbs. or less would be taxed at a rate of 1 cent per mile, vehicles weighing more than 10,000 lbs. at 1.25 cents per mile and electric vehicles at .75 cents per mile. The tax would be offset by a motor fuels tax credit, which would be determined using the vehicle’s VMT and fuel economy data, such that as fuel economy goes up, the credit decreases to ensure vehicles paying less in fuel taxes get a smaller credit and pay more in VMT. The actual VMT would be measured using an annual odometer inspection.
Law & Order
Time to Take Advantage of the Employer Retention Tax Credit
April 8, 2021 | Vol. 24, No. 14View Article