Trucking industry backs tax reform package

Washington — The American Trucking Associations (ATA) is congratulating the leadership of the House of Representatives for advancing a landmark tax reform package that will help boost the economy and strengthen the supply chain.

“Trucking is the backbone of our economy, employing over 8.5 million Americans. Trucking is also a small business industry, with over 95% of fleets operating ten trucks or fewer,” said Henry Hanscom, ATA’s senior vice president of legislative affairs. “Enacting pro-business, pro-growth tax policy will ensure that trucking companies of all sizes are better able to plan for the future, invest in their workforce and equipment, and ensure the safe and efficient movement of freight across the country. While no piece of legislation is perfect, this bill provides much-needed certainty and advances a number of our priorities, such as protecting family-owned trucking businesses by raising and permanently extending the estate tax exemption. The American Trucking Associations is grateful to House Republicans for their hard work on crafting this tax relief package and urges the Senate to act swiftly. We look forward to celebrating its signing into law by President Trump.”

ATA has strongly advocated for the reconciliation package, which would provide a number of important benefits to truckers and support the industry’s indispensable role as the primary mover of more than three-quarters of American freight, according to the ATA.

Pro-Trucking Bill Merits

Enhancing Business Certainty

• The 199A passthrough deduction would increase from 20% to 23% and be made permanent.
• The estate and gift tax exemption would be raised to $15 million and made permanent.
• Individual income tax rates, the standard deduction, and AMT exemptions would be made permanent.

Supporting Investments in New Equipment

Bonus depreciation would be reinstated at 100% through 2029.

Promoting Trucking Careers

• Students in workforce credentialing programs lasting 8-15 weeks (such as CDL training schools, diesel mechanic training programs, etc.) would be permitted to access Pell Grants.
• Students would be granted flexibility to use 529 accounts for postsecondary credentialing expenses.

Shoring up Transportation and Energy Infrastructure

• The shortfall for the Highway Trust Fund would be alleviated and contributions would be made more equally by imposing a new $250 registration fee on EVs and a $100 fee on hybrids.
• The bill would expedite permitting for minerals and fuels projects, helping to reduce energy costs.

The reconciliation package passed the House on Thursday and now heads to the Senate for consideration.

Dana Guthrie

Dana Guthrie is an award-winning journalist who has been featured in multiple newspapers, books and magazines across the globe. She is currently based in the Atlanta, Georgia, area.