Tax (and Code section) Tax rates C. Highway (sec. 9503) 19 and Rail Excise Taxes; Nonhighway Recreational Fuel Excise Taxes 19 The highway excise taxes are scheduled to expire after September 30, 1999. Sec. 9503 refers to the Highway Trust Fund. See also E.2 of this table, "Taxes for Leaking Underground Storage Tank Trust Fund," for additional tax of 0.1 cent per gallon (0.05 cent per gallon for qualified methanol and ethanol fuels) on motor fuels (through 1995). 20 The rates shown apply through September 30, 1995; for October 1, 1995-September 30, 1999, the current 2.5 cents per gallon General Fund motor fuels tax rate is scheduled to expire and thus the listed tax rates will be reduced by 2.5 cents per gallon. The balance (after the 2.5 cents per gallon General Fund rate) of the highway motor fuels tax revenues is transferred to the Highway Trust Fund. (See also C.6., for transfers of nonhighway recreational fuels tax revenues to the National Recreational Trails Trust Fund ("Trails Trust Fund") and J.2., for transfers of small-engine gasoline and motorboat fuels tax revenues.) 21 The 1990 Act transferred revenues from the tax on gasoline used in small-engine outdoor power equipment from the Highway Trust Fund to the Sport Fishing Restoration Account of the Aquatic Resources Trust Fund for wetlands restoration purposes. (See J.2., below.) 22 A net Highway Trust Fund tax of 3 cents per gallon (17 cents per gallon refund or credit through September 30, 1995, and 14.5 cents per gallon refund or credit for October 1, 1995-September 30, 1999) applies to certain privately operated, scheduled intercity buses (sec. 6427(b)). There is a one-time rebate (credit or refund) to the original purchaser of a qualified diesel-powered car, truck, or van having a gross vehicle weight rating of 10,000 pounds or less. The rebate varies with the model year (only available for post-1978 models) and type of vehicle (higher rebate for a truck or van than for a car). The credit applies to such vehicles owned as of January 1, 1985, or originally purchased after January 1, 1985 and before January 1, 1999 (sec. 6427(g)). 23 Alcohol fuels the content of which is at least 85 percent of methanol, ethanol, or other alcohol. * See also E.2 of this table, "Taxes for Leaking Underground Storage Tank Trust Fund," for additional tax of 0.1 cent per gallon (0.05 cent per gallon for qualified methanol and ethanol fuels) on motor fuels (through 1995). Under 55,000 pounds no tax. 5. Rail fuels* (secs. 4091, 4093(c)) *See also E.2 of this table, "Taxes for Leaking Underground Storage Tank Trust Fund," for additional tax of 0.1 cent per gallon (0.05 cent per gallon for qualified methanol and ethanol fuels) on motor fuels (through 1995). 24 Includes tractors of the kind chiefly used for highway transportation with a trailer or semitrailer. Revenues from this tax are transferred to the Highway Trust Fund. 24a Revenues from this tax are transferred to the Highway Trust Fund. 25 Annual tax: the taxable period is July 1-June 30. Tax liability is incurred as of the first month the vehicle is used during the taxable period (prorated). Revenues from this tax are transferred to the Highway Trust Fund. The use tax is reduced by 25 percent for vehicles (1) used exclusively in transporting harvested forest products to and from the forested site and which are required to be registered for that purpose, or (2) registered in Canada or Mexico. There is an exemption for vehicles used fewer than 5,000 miles on public highways during the taxable period (7,500 miles for farm vehicles), and for certain local transit buses. 26 This tax is scheduled to expire after September 30, 1995. Revenues from this tax go to the General Fund. Tax (and Code section) Tax rates 6. Nonhighway recreational fuels taxes for National Recreational Trails Trust Fund (sec. 9511):27 *See also E.2 of this table, "Taxes for Leaking Underground Storage Tank Trust Fund," for additional tax of 0.1 cent per gallon (0.05 cent per gallon for qualified methanol and ethanol fuels) on motor fuels (through 1995). 27 Fuels used in (1) vehicles and equipment on recreational trails or back country terrain (including highway vehicles when used on recreational trails, trail access roads not eligible for Federal highway funding, or back country terrain) and (2) camp_stoves and other nonengine uses in outdoor recreational equipment. Such amounts transferred to the Trails Trust Fund are limited to $30 million per year (through fiscal year 1997). (These fuels do not include gasoline tax revenues from small-engine outdoor power equipment, which are transferred to the Aquatic Resources Trust Fund; see J.2., below.) Sec. 9511 refers to the Trust Fund Statute. 28 The airport and airway taxes are scheduled to expire after December 31, 1995. Sec. 9502 refers to the Trust Fund statute. Tax rates Tax (and Code section) E. Environmental Excise Taxes 1. Excise taxes for Hazardous Substance Superfund (sec. 9507): 29 Crude oil tax (sec. 9.7 cents per barrel for domestic crude oil 29 The Superfund also receives revenues from the environmental tax on corporations (sec. 59A), equal to 0.12 percent of the modified alternative minimum taxable income of the corporation in excess of $2,000,000. This tax applies generally to taxable years beginning after December 31, 1986, and before January 1, 1996 (with an earlier termination as determined below when the Superfund reaches certain levels of unobligated balance or total tax receipts). The Superfund excise taxes are scheduled to expire after December 31, 1995, or earlier if (1) the Superfund unobligated balance exceeds $3,500 million at the end of 1993 or 1994, and if the unobligated balance is estimated to exceed this amount at the end of the following year if no Superfund taxes were to be imposed during such year, or (2) when total Superfund tax revenues exceed $11,970 million (including the sec. 59A tax revenues). 30 The excise tax on certain imported substances has the same expiration schedule as for the other Superfund taxes. The Secretary of the Treasury is required to add any substance to the list if the Secretary determines that taxable chemicals constitute more than 50 percent of the weight or value of the materials used to produce such substance (determined on the basis of the predominant method of production); the Secretary may remove only those substances which meet neither test. |