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Grant to lower pollution from 4 towboat engines
The Port of Pittsburgh Commission has received a $1.15 million grant from the U.S. Environmental Protection Agency to install less polluting diesel engines and generators in four towboats used on Pittsburgh area rivers.
Hurricane Katrina IRS Waiving Diesel Fuel Penalties
By Richard A. Chapo
Obviously, the destruction caused by Hurricane Katrina has had a major impact on fuel supplies. The IRS is temporarily waiving regulations that ban the sale of certain diesel fuels to address shortages.
Dyed Diesel Fuel No Longer Banned
Diesel fuel comes in two general forms, clear and dyed. Dyed diesel is not environment friendly. Under laws passed by Congress, the IRS effectively bans the sale of dyed diesel fuel for use on highways. Put another way, the trucking industry must use clear diesel for transports.
Inside Knowledge About Diesel EnginesInside Knowledge About Diesel Engines By Thomas Yoon One of the most reliable internal combustion engines around is the diesel engine. In many industrial installations, diesel engines are used as pr..
In the wake of serious fuel shortage issues caused by Hurricane Katrina, the IRS is immediately waiving the tax penalties applicable to the use of dyed diesel on highways. This surprisingly quick policy decision is a reflection of exploding fuel prices and a stark lack of supply.
The order issued by the Commissioner of the IRS is only effective until September 15, 2005 at this time. It is anticipated that the Commissioner will extend this time period since it is clear the fuel issues will not be overcome by the deadline.
While the penalties associated with dyed diesel are waived, the IRS has chosen to keep a basic diesel fuel tax in place. All sales of dyed diesel fuel are subject to a 24.4 cent tax per gallon. Either the retailer or purchaser can pay. The IRS, however, has indicated that it will waive any penalties and interest assessments associated with failure to make bi-weekly deposits of the tax. In addition, users of dyed diesel fuel need not concern themselves with any EPA restrictions related to its use during this temporary waiver.
In Closing
Typically criticized for reacting slowly, the IRS should be commended for taking quick steps to free up fuel from a tax perspective. To support the trucking industry, let us hope the deadlines are extended well past September 15, 2005.
About the author:
Richard Chapo is with Business Tax Recovery - Stop overpaying small business taxes. Read more business tax articles. |
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Photo Release -- Northrop Grumman Continues Construction for the Next-Generation Aircraft Carrier, Gerald R. Ford
NEWPORT NEWS, Va. -- Northrop Grumman Corporation lifted two generators weighing over 195,000 pounds each into the aft section of the nuclear-powered aircraft carrier Gerald R. Ford , currently under construction at the company's Shipbuilding sector in Newport News, Va., yesterday.
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4 river towboats to get $3 million green retrofit
Four towboats will get new, "greener" diesel engines and generators thanks to a combination of private funding and federal grants that will be formally presented today, officials said. The Environmental Protection A
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EPA gives Port of Pittsburgh $1.15M for tow boats
PITTSBURGHThe Federal Environmental Protection Agency is giving the Port of Pittsburgh $1.15 to help three companies that use the cities three rivers retrofit four towboats with new diesel engines and generators that will pollute the air less.
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