It is important for fleet owners and drivers to know all of the taxes and regulations that apply to the commercial truck market. One of the important taxes to know about is the federal excise tax (FET). Let’s discuss how the FET applies to commercial trucks.
Federal Excise Tax Definition
An excise tax is a tax included in the price of a specific product or good. Commercial truck purchases are assessed a 12 percent tax. This tax is included in the total cost of the product, and is paid by the customer. The responsibility lies on the dealer to collect the tax and pay the IRS.
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The federal excise tax is also collected on other purchases including components that are added to commercial trucks for on-highway use. With all purchases, significant responsibility is placed in the dealer to understand these codes and ensure they are paid. Multiple resources are available, including courses and webinars, to help educate both dealers and those purchasing trucks. Experts recommend erring on the side of caution when paying the federal excise tax.
Drivers and fleet owners looking to purchase a new or used commercial truck can do so at their nearest Allstate Peterbilt Group location. We have locations in multiple states throughout the Midwest, enabling us to serve a wide range of customers. You can find your nearest Allstate Peterbilt Group location right here on our website, and take a look at our inventory to learn more about everything we have to offer.
I feel sorry for anyone that buys a used truck from Allstate. If they are a first time buyer they will end up loosing everything because Allstate does not check out these trucks even thought they are asked to and the trucks are low mileage trucks. I will never buy another truck from Allstate. And so I traded a 2014 Peterbilt with 350,000 miles on it for a 1998 Peterbilt 379 with a Caterpillar engine. This was a straight across trade I’ve had the 1998 for about 6 months and now I need to rebuiid the engine and the transmission.
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