YOUR WEEKLY MEMBER NEWS LETTER:
is a service provided only to members of the Nebraska Petroleum Markers & Convenience Store Association (NPCA). If you have any key personnel that would like to be added at no additional charge, please feel free to reply to
tkeigher@npcainc.com, katie@npcainc.com or call (402)-474-6691.
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The Internal Revenue Service is reminding truck owners that August 31 is the deadline for filing heavy highway vehicle use tax returns (HHVU) for the year 2017-2018 tax year. HHVU returns are made on IRS Form 2290 together with payment for the tax year that begins July 1, 2017, and ends June 30, 2018. Returns must be filed and tax payments made by August 31 for vehicles used on the road during July. For vehicles first used after July, the deadline is the last day of the month following the month of first use.
The highway use tax applies to highway motor vehicles with a taxable gross weight of 55,000 pounds or more. This generally includes trucks, truck tractors and buses. Ordinarily, vans, pickups and panel trucks are not taxable because they fall below the 55,000-pound threshold. The tax of up to $550 per vehicle is based on weight, and a variety of special rules apply, explained in the instructions to Form 2290. Truck owners do not need to visit an IRS office to e-file Form 2290 . The form can be filed and tax paid online. Find an approved provider for Form 2290 on the 2290 e-file partner’s page. Generally, e-filers receive their IRS-stamped Schedule 1 electronically minutes after filing. They can then print the Schedule 1 and provide it to their state department of motor vehicles, without visiting an IRS office.
For those who choose to visit, note that the agency's taxpayer assistance centers now operate on a "by-appointment" basis. See the Taxpayer Assistance Center Office Locator on IRS.gov for details. Though some taxpayers have the option of filing Form 2290 on paper, the IRS encourages all taxpayers to take advantage of the speed and convenience of filing this form electronically and paying any tax due electronically. Taxpayers reporting 25 or more taxed vehicles must e-file. Tax-suspended vehicles don't count toward the 25-or-more taxed vehicle threshold. Contact Mark Morgan for more information.
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Trump Signs Executive Order to Speed Infrastructure Project Reviews
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On Tuesday, President Trump signed an executive order "Establishing Discipline and Accountability in the Environmental Review and Permitting Process for Infrastructure Projects." The order will make the environmental and permitting processes needed for major infrastructure projects more efficient by implementing a "One Federal Decision" policy under which the lead Federal agency will work with other relevant agencies to complete reviews and permitting decisions.
The Council on Environmental Quality (CEQ) will develop and implement an action plan to improve reviews Government-wide and will mediate disagreements between agencies so a decision isn't delayed due to bureaucratic disputes.
The Office of Management and Budget (OMB) will develop a Government-wide modernization goal for a two year permitting process. According to the Government Accountability Office (GAO), it takes an average of seven years for a complex highway project to go through the entire review process. Further findings are that an average delay of six years costs the U.S. economy trillions.
Transportation Secretary Elaine Chao announced Tuesday that DOT has already pinpointed two dozen policies and rules to examine to make the process more efficient.
These are welcome changes. Still the President has yet to release many details on his $1 trillion in private and public investment in infrastructure plan. The administration continues to promise more details this fall.
National Economic Council director Gary Cohn reported this week that an infrastructure package will "come on the heels" of a tax overhaul. Further, Cohn said that Congress needs to get taxes done between now and Thanksgiving. Then, as soon as tax comes out of the House and goes to the Senate, "we'll put infrastructure in the House."
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PMAA Meets with EPA to Discuss Proposed Fuels Program Regulatory Reform
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PMAA met via conference call with the EPA this week to discuss a proposed streamlining and modernization of the gasoline, diesel fuel and other fuel regulations under 40 CFR 80. The streamlining and modernization effort will not incorporate substantive changes to the EPA's fuels program. Instead, the fuel regulations will continue to operate as they do today but in a simpler and less burdensome way. The EPA plans to take a holistic look at the entire set of fuels regulations in Part 80, to replace them with a single set of provisions to better reflect today's fuel marketplace, by:
- Deleting expired provisions.
- Consolidating and eliminating redundant compliance provisions.
- Removing unnecessary and out-of-date requirements.
According to the EPA, this effort will reduce burden and costs for stakeholders, increase fungibility and improve compliance assurance while maintaining environmental performance and fuel quality. One possible proposal on the table would simplify the RFG program by replacing summer VOC standards with a single 7.4 RVP cap and eliminate restrictions on comingling conventional gasoline and RFG in the winter to increase fungibility. The proposed rule could also potentially consolidate all independent fuel quality surveys into one nationwide survey. The change would reduce the required number of fuel samples to around 7,000 samples per year (5,000 gasoline; 2,000 diesel) down from the current 19,000 samples across all the programs.
While EPA's streamlining initiative would address most aspects of federal fuels regulations, many provisions will remain relatively unchanged including: the RFS program, national sulfur and benzene standards, applicable seasonal, geographic RVP standards, legacy standards required by the Clean Air Act (e.g. lead levels in gasoline), E15 misfuelling mitigation requirements and Tier 3 oxygenate producer and oxygenate blender mandates.
PMAA agreed to work with the EPA to ensure meaningful regulatory relief for petroleum marketers and to prevent the shift of upstream compliance burdens to downstream marketers during the simplification and modernization process. Contact Mark Morgan for more information.
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Comment Period for WOTUS Repeal Extended One Month
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Earlier this week, the EPA extended the public comment period for commenting on its efforts to repeal the Obama Administration's Waters of the U.S. (WOTUS) regulation by one month. Interested parties now have until September 27 to submit comments.
The rule is important to petroleum marketers because it defines how far federal clean water regulations extend into local land use and permitting decisions including the construction of new gasoline stations and surface water runoff from parking and fueling areas. Many petroleum marketers with bulk storage could also be adversely affected by the revised 2015 definition from the Obama Administration.
In 2015, PMAA joined with a coalition representing a range of businesses, industries, and commercial interests to voice strong opposition to the Obama Administration's revised definition of the WOTUS proposed rule.
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As PMAA has previously reported, when Congress returns from recess after Labor Day, the two biggest immediate issues on the table will be the federal budget and the debt ceiling. Accordingly, this is an opportune time to take a quick look at the fundamentals of the federal budget process, as these will be important to know once things start moving in September. Please click here to learn more.
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Federated Insurance It's Your Life: Family Succession Planning with Trusts
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The goal of most parents is to see that their children and grandchildren succeed. As long as the parents are alive, they can help their children as needed. But, what if the parents die? Family succession planning involves helping the next generation succeed by properly protecting their assets and incenting the type of behavior parents find appropriate. This can effectively be done using one or more forms of trusts.
To learn more about family succession planning, please read the article in its entirety here. For additional information or to discuss this in further detail, please contact your Federated regional representative or PMAA's National Account Executive Jerry Leemkuil at 800.533.0472. Federated is a PMAA Corporate Platinum Partner.
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If you are considering purchasing new capital equipment, including tank upgrades and EMV kits and pumps, Section 179 allows you to capture the full tax depreciation benefit in the year of acquisition and installation. To get this 2017 tax benefit, equipment needs to be installed and operational by December 31, 2017.
Utilizing Section 179 can have significant cash flow businesses to your business. There is also discussion that Section 179 may not survive the proposed Trump tax overhaul, in which case it may not be available for 2018 purchases. To learn more about how Section 179 works, please view this article: How Section 179 Can Help Your Cash Flow.
For additional information or to discuss further, please visit Patriot's website or contact Richard Browne, Vice-President of Marketing, at 404.977.1251. Patriot Capital is a PMAA Corporate Gold Partner.
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Please Make Your Hotel Reservations and Register NOW for the PMAA Fall Meeting at the NACS Show on October 16-17
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PMAA will hold its Fall Meeting in conjunction with the NACS Show on October 16-17 at the Hilton Chicago. The PMAA meeting will begin with a New Attendee Orientation mid-afternoon on October 17 followed by a Board Briefing. A welcome reception with NACS to State Association Leaders will follow at McCormick Place. On the morning of October 17, there will be a Buffet Breakfast followed by Region and Committee Meetings. The PMAA Board of Directors Meeting is scheduled after the Distinguished Service Award Luncheon sponsored by PMAA's Corporate Platinum Partner Federated Insurance. Former Arkansas Association Executive Ann Hines is this year's recipient of PMAA's highest honor.
For all details on Hotel and Travel, please view
here.
Please note that the NACS Show registration is separate from the PMAA Meeting Registration.
We look forward to seeing you in Chicago!
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Thank You to NPCA's Partners
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Nebraska Petroleum Marketers and Convenience Store Association | (402) 474-6691 |
www.npcainc.com |
1320 Lincoln Mall, Suite 100B
Lincoln, NE 68508
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