If you recently bought a heavy highway motor vehicle, like a semi-truck, you may wonder if you must submit Form 2290 and pay the Heavy Vehicle Use Tax (HVUT). The answer is yes. It is necessary to file Form 2290 and pay the tax if your semi-truck meets the taxable gross weight requirements.
Form 2290 is utilized to report and pay the HVUT, a federal tax imposed on heavy motor vehicles operating on public highways. This tax revenue helps maintain and construct highways. Individuals who register a heavy highway motor vehicle in their name with a taxable gross weight of 55,000 pounds or more are required to file Form 2290 and pay the tax.
If you purchased a heavy highway motor vehicle that meets the taxable gross weight requirements, you must file Form 2290 and pay the HVUT. Your records must include the date you obtained the vehicle and the name and address of the person you bought it from. Not paying the tax can lead to penalties and interest charges, and you may be unable to get a license plate for the semi-truck.
It is crucial to remember that if you buy a heavy highway motor vehicle after filing your annual Form 2290, you must file a new Form 2290 listing only the new vehicle, even if it was purchased towards the end of the tax year. The deadline to file the new Form 2290 is before the last day of the month following the month the new vehicle was first used on public highways. For example, if you first use the new truck in September, you should file the 2290 and pay the tax by October 31.
Additionally, you must file a return if the vehicle is used for 5,000 miles or less (7,500 for farm vehicles), but the vehicle is excluded from paying the tax. Nonetheless, the mileage limit is based on the entire tax period, not just the portion of the year that the vehicle was owned.