NTEA Supports Letter Calling For FET Suspension

Calls for the 12% FET on heavy trucks and trailers be suspended until the end of 2021

NTEA announced support for efforts from Rep. Chris Pappas (D-NH) encouraging temporary suspension of Federal Excise Tax (FET). Rep. Pappas sent a letter to Democratic leaders of the U.S. House of Representatives asking that the 12% FET on heavy trucks and trailers be suspended until the end of 2021 as part of the next coronavirus stimulus bill.

The Modernize the Truck Fleet (MTF) coalition, of which NTEA is a founding member, over the past weeks has been encouraging other House Democrats to sign on to the letter prior to delivery. As delivered, Rep. Pappas’ letter was signed by 55 House Democrats (representing almost 25% of all House Democrats).

Along with the Pappas letter, almost 200 groups have signed a coalition letter sent to both House and Senate leadership calling for FET suspension. Additionally, the UAW sent a letter to Speaker Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY) calling for FET suspension to help spur truck sales and keep employees working.

In his letter, Rep. Pappas emphasized the affect COVID has had on industry. Suspending the 12% FET until the end of 2021 would stimulate sales and protect manufacturing and trucking-related jobs at a critical time.

“Suspending the FET would serve as an effective incentive to deploy new, cleaner and safer heavy-duty trucks and trailers by making them more affordable — particularly for small businesses,” said Steve Carey, NTEA president & CEO. “NTEA, on behalf of the commercial vehicle community, applauds the efforts of Rep. Pappas, and encourages industry companies to contact their legislators in support of this issue.”

For more FET resources and information, visit ntea.com/suspendfet.

Category: Featured, General Update, Management, News, Vehicles