IRS form 2290 is used to pay Heavy Highway Vehicle Use Tax (HVUT). IRS form 2290 payment is set up to help provide funding to federal states to repair the roads damaged due to running of Heavy highway vehicles. Extensive running of Heavy highway vehicles weighing more than 55,000 pounds can cause repairson the road.
Thus the IRS form 2290 payment helps pay for maintenance and repair as well as a variety of other programs to keep the roads to function properly.
Schedule 1 of Heavy Highway Vehicles Form 2290 is also supported by Online Tax E-Filing through an authorized efile software providers. Federal tax e-file providers offer relevant form 2290 instructions and support form 2290 online filing. Heavy vehicles 2290 form should be filed for each month a taxable vehicle is first used on public highways. The current taxation period for heavy highway vehicles begins July of each year through June 30 of the next year.
The Heavy Vehicle Use Tax or HVUT, as it is popularly called the is the fee IRS wants you to pay annually on heavy vehicles operating on public highways at registered gross weights equal to or exceeding 55,000 pounds.
The table below shows the taxes for logging and regular trucks:
The Tax Calculations:
The tax year for Form 2290 starts from July of any year and ends the June of next year. If the gross taxable weight is from 55,000 to 75,000 pounds, the HVUT is $100, plus $22 per 1,000 pounds over 55,000 pounds. For over 75,000-pound vehicles, the maximum HVUT is $550 per year.
The taxes are lower for logging vehicles - vehicles primarily used for exclusively for transporting products harvested from the forest and is registered with the state agency as such.
|Taxable Gross Weight||Heavy Vehicle Use Tax Rate||Logging Vehicle Rate|
|Below 55,000 lbs||No Tax||No Tax|
|55,000 to 75,000 lbs||$100 plus $22 per 1000 lbs over 55,000 lbs||$75 plus $16.5 per 1000 lbs over 55,000 lbs|
|Over 75,000 lbs||$550||$412.50|
For any vehicles placed into service after July, the taxes are prorated.
There are a number of groups that receive exemptions from the HVUT, including:
Exempt carriers may be required to file tax forms with the IRS or notify the local department of motor vehicles (DMV) of the exempt status being claimed.
Why you must pay HVUT?
The HVUT is a significant source of transportation funding in the U.S. In 2006 alone, the HVUT generated more than $1.4 billion in Federal Highway Trust Fund (HTF) revenue.
The Federal HTF protects the nation's investment in our transportation infrastructure. In 2007 alone, Federal HTF receipts topped $39.9 billion, with $34.9 billion dedicated to the HTF's Highway Account. The Federal HTF finances a broad spectrum of transportation investments, including:
Since the vast majority of all funds contributed by states to the Federal HTF are returned through highway fund apportionments, there is a direct incentive for state agencies to take necessary measures to enhance HVUT compliance.