Federal Highway Use Tax [R0306]
The Federal Highway Use Tax report [R0306] provides information necessary in determining the federal highway use tax assessable to the lessee and due to the Internal Revenue Service.
The report may be accessed through the Controllers Tax report menu [R03].
The report may be selected interactively and is automatically produced for all appropriate assets and is is organized by Portfolio, Company, Region, Office.
Federal Highway Use Tax Report
The Federal Highway Use Tax report
[R0306] reports at the asset level and includes the following information:
- LEASE/ASSET
The lease and asset numbers are displayed.
- STATE
The two-character post office abbreviation of the asset's state location is displayed.
- VIN
NUMBER
The vehicle identification number, or other data entered as ASSET DESCRIPTION, is displayed.
- DESCRIPTION
The asset description, as entered through the Add Asset option of the New Lease update [U0101], is displayed.
- STATUS
The short symbol for the asset status is displayed (e.g., NLSE = New on lease). Refer to the Status Codes document for a list of all asset status codes and their meanings.
- STATUS
DATE
The date that the asset's status was changed to its current value is displayed.
- IN
SERV DATE
The in service date, as entered through the Add Asset option of the New Lease update [U0101], is displayed.
- DATE
OF FIRST USE
The date of first use for FHUT purposes, as entered through the Add Asset option of the New Lease update [U0101], is displayed.
- TAX
CAT
The Federal Highway Use Tax category, as entered through the Add Asset option of the New Lease update [U0101] is displayed. These codes (e.g., A, B, C) represent the weight and axle specifications of the asset and are synonymous with those established by the Department of the Treasury, Internal Revenue Service. Codes and tax rates are stored on a separate file which is modifiable through the Federal Highway Use Tax update [U0714].
-
FHUT TAX
The amount of Federal Highway Use Tax due is displayed. The tax calculated is a flat fee, dependent on the tax category. If the asset was placed in-service in the current year, the tax is prorated based on the number of months in service. The tax tables for the flat fee and the prorated fees for each category are maintained through the Federal Highway Use Tax update [U0714].
-
TOTALS/ GRAND TOTALS
Page totals show the number of assets and the Federal Highway Use Tax by office.
Region, company, portfolio and grand totals are shown for the number of assets and the Federal Highway Use Tax.
Summary totals show total tax by state and category.
Additional Information
Refer to IRS publication 349 (last revised 6/85) for detailed information on Federal Highway Use Tax and the tax rate tables.
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