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Simply stated, IFTA works as a "pay now or pay later" system. As commercial motor vehicles buy fuel, any fuel taxes paid are credited to that licensee's account. At the end of the fiscal quarter, the licensee completes a fuel tax report, listing all miles traveled in all participating jurisdictions and lists all gallons purchased.
Federal fuel taxes raised $36.4 billion in Fiscal Year 2016, with $26.1 billion raised from gasoline taxes and $10.3 billion raised from diesel and special motor fuel taxes. [15] The tax was last raised in 1993 and is not indexed to inflation. Total inflation from 1993 until 2017 was 68 percent or up to 77 percent, depending on the source. [16 ...
A fuel tax (also known as a petrol, gasoline or gas tax, or as a fuel duty) is an excise tax imposed on the sale of fuel. In most countries the fuel tax is imposed on fuels which are intended for transportation. Fuel tax receipts are often dedicated or hypothecated to transportation projects, in which case the fuel tax can be considered a user ...
The "Energy Credit for Qualified Fuel Cell Property and Qualified Microturbine Property" was created in 2008, [46] but it appears to have expired as of 2013. Individual taxpayers may claim several energy credits to reduce their federal income taxes, if they file the Long Form 1040 along with Form 5695 attached.
Texas Low Emission Diesel standards (TxLED) are rules regulating the quality of diesel fuels, intended to reduce pollutants (especially NOx). Since October 31, 2005, diesel fuel to be consumed by engines in 110 counties in Eastern Texas must meet these requirements: [1] Maximum aromatic hydrocarbon content of 10% by volume. Minimum cetane ...
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Tesoro became the first Fortune 500 company to be headquartered in San Antonio, Texas. Tesoro is the word for treasure (or treasury ) in Italian and Spanish . Beginning in the late 1990s, Tesoro grew through a series of acquisitions and initiatives that created Tesoro Corporation, the company focusing on the core business of petroleum refining ...