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I HAVE A FEDERAL EXCISE TAX QUESTIONS. WE SELL HEAVY DUTY…

I HAVE A FEDERAL...

I HAVE A FEDERAL EXCISE TAX QUESTIONS. WE SELL HEAVY DUTY TRUCKS AND I WANT TO KNOW IF A PRE-PAID MAINTENANCE PLAN IS EXEMPT FROM EXCISE TAX, I KNOW THAT A WARRANTY IS EXEMPT BUT NOT SURE ABOUT MAINTENANCE PLANS?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

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Answered in 59 minutes by:
9/22/2016
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
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The excise tax is described as follows and as an excise tax applies to tangible property, not any services such as a Pre-Paid Maintenance Plan. See below:

"The federal excise tax (FET) is a 12% sales tax imposed on the first retail sale of truck, trailer, and semitrailer chassis and bodies, and tractors (trucks over 33,000 lbs. GVWR, tractors with a GVWR over 19,500 lbs. and have a gross combined weight, in combination with a trailer or semitrailer, of 33,000 lbs. or less and trailers over 26,000 lbs). The funds derived from the FET are deposited in the Highway Trust Fund HTF)."

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