Below is a table designed to simplify understanding of the Heavy Vehicle Use Tax (HVUT) return:
| Term | Definition |
|---|---|
| Heavy Vehicle Use Tax (HVUT) | A federal excise tax is paid by anyone who registers a heavy highway motor vehicle in their name. It's used for road maintenance. |
| Form 2290 | This form is used to pay the HVUT, and it must be submitted annually by August 31st. |
| Taxable Gross Weight | The weight of a vehicle, including any extra loads or accessories. The HVUT applies to vehicles with a gross weight of 55,000 pounds or more. |
| Tax Suspension | Vehicles expected to travel less than 5,000 miles (7,500 for agricultural vehicles) annually may be exempt from HVUT. |
| Tax Exemptions | Some vehicles are exempt from the HVUT, such as the Federal Government, State or local government, the American Red Cross, nonprofit volunteer fire departments, and ambulances. |
| Agricultural Vehicles | These vehicles are usually expected to travel fewer miles annually than non-agricultural vehicles. They have a higher limit (7,500 miles per year) for tax suspension. |
| VIN (Vehicle Identification Number) | A unique code is used to identify individual motor vehicles. It's required when filling out Form 2290. |
| E-filing | IRS strongly recommends e-filing for paying HVUT for anyone required to file Form 2290 and report 25 or more vehicles. |
| Penalties | Failure to file Form 2290 by August 31st can result in penalties for late filing and payment. The penalty for late filing is usually 4.5% of the total tax due, and for late payment, it is 0.5% of the total tax. |
Please note that Individual states may have additional requirements and fees related to the Heavy Vehicle Use Tax.
