Skip to content
Home » Blog » IFTA Adopts Interest Amendment

IFTA Adopts Interest Amendment

Carriers who underpaid fuel taxes will have to pay less interest under a new amendment to the International Fuel Tax Agreement.

In a 45 to 13 vote, the states and provinces that are members of IFTA approved a an amendment to the agreement that will reduce the rate of interest charged motor carriers who are assessed for underpayments of fuel taxes, reports the American Trucking Associations’ State Laws Newsletter.

For more than 20 years, ATA notes, IFTA’s interest rate has been a flat 1 percent per month, which now far exceeds the market rate. The new rate will be tied to the rate the Internal Revenue Service charges on delinquent taxes, and will be much lower.

In order to give states time to change their systems, the amendment does not take effect until July 2013.

“Acceptance of this proposal by the states represents a real victory for the trucking industry,” ATA notes. “Our thanks to all of the state trucking associations that worked with their IFTA administrators on this issue, and especially to Jim Poe of the Indiana Department of Revenue, who sponsored the ballot and worked harder than anyone to see it approved – because it was the right thing to do.”

Printer Friendly Version
Email This Story
RSS
Bookmark and Share

Fuel and Oil: Related News

12/31/2010 – IFTA Adopts Interest Amendment

Carriers who underpaid fuel taxes will have to pay less interest under a new amendment to the International Fuel Tax Agreement….
More

12/28/2010 – Diesel Prices Hit Two-Year High

The average price of diesel fuel, at $3.294 a gallon, is at its highest level in more than two years, according to weekly figures reported Monday by the U.S. Department of Energy….
More

12/27/2010 – Support Building for Keystone XL Pipeline from Canada

The campaign in support of a new pipeline connecting secure sources of energy in Canada to consumers in the United States got a huge boost this week. Members of Congress from Florida to Utah co-signed a letter to the State Department urging the agency to approve the final permitting documents for the Keystone Gulf Coast Expansion….
More

12/23/2010 – Crude Closes Above $90 on Stockpile Drop, Cold Weather, Good Job Numbers


Crude oil settled on the NYMEX on Wednesday at $90.48 a barrel, the highest closing price seen since Oct. 3, 2008. That follows a fourth consecutive day of gains….
More

12/21/2010 – Cold Weather Pushing Fuel Prices Higher Worldwide

Blame the cold for the escalating cost of fuel. It’s cold all over and that’s driving up demand for heating oil….
More

12/20/2010 – Congress Renews Incentives for Alternative Fuels, But Not For Vehicles

The much publicized tax and unemployment-benefits measure passed by Congress last week also contains tax breaks for use of automotive alternative fuels, but not for the vehicles themselves….
More

12/14/2010 – Biodiesel Tax Credit Gets a New Lease on Life

The biodiesel tax incentive moved a step closer to being extended Monday….
More

12/14/2010 – Diesel Rises for the Third Straight Week, Up 3.4 cents to $3.231


Diesel prices hit a fresh two-year high on Monday following the release of the weekly Department of Energy’s Weekly Retail On-Highway Diesel Price summary, rising 3.4 cents to $3.231 a gallon….
More

12/9/2010 – Clean Energy Signs Agreement to Acquire Northstar, Advanced LNG Technology Leader

Clean Energy Fuels Corp. has entered into a Securities Purchase Agreement to acquire Wyoming Northstar Incorporated and affiliates…
More

12/8/2010 – DOE Energy Forecast Sees Fuel Prices Climbing to $3.23 per Gallon Next Year


Following a recent spike in crude oil and diesel prices, the U.S. Department of Energy’s current Short-Term Energy Outlook projects that diesel will run at $3.14 per gallon over the winter months (October 1 to March 31), before leveling out at a projected average for the year of $3.23 per gallon….
More

12/6/2010 – U.S. Passes ULSD Milestone

December 1 marked a major milestone for the nation’s transition to ultra-low sulfur diesel fuel — all on-highway diesel fuel now complies with the landmark 15 parts-per-million sulfur standard. This represents a 97 percent reduction in sulfur content from 2006 levels….
More