67,000 lb Truck Tax in New Jersey

Understanding Form 2290 Tax for a 67,000 lb Truck in New Jersey

As a trucking professional operating in New Jersey with a vehicle weighing 67,000 pounds, you're likely subject to the Heavy Vehicle Use Tax (HVUT), reported using IRS Form 2290. This comprehensive guide will walk you through everything you need to know about calculating and filing this tax, specific to your situation.

The Heavy Vehicle Use Tax is an annual fee levied on vehicles operating on public highways with a taxable gross weight of 55,000 pounds or more. The tax is used to fund highway infrastructure projects across the United States. Since your truck weighs 67,000 lbs, it definitely falls under this category.

Calculating Your 2290 Tax Liability

The IRS uses a graduated rate system to determine the HVUT. For vehicles with a taxable gross weight between 55,000 and 75,000 pounds, the tax is calculated as $100 plus $22 for each 1,000 pounds (or fraction thereof) over 55,000 pounds. For vehicles 75,001 pounds or more the tax is capped.

Here's how it applies to your 67,000 lb truck:

• Base Tax: $100
• Weight Exceeding 55,000 lbs: 67,000 lbs - 55,000 lbs = 12,000 lbs
• Number of 1,000 lb increments: 12,000 lbs / 1,000 lbs = 12
• Tax per Increment: $22
• Total Taxable Increment: 12 * $22 = $264
• Total HVUT Due: $100 + $264 = $364

Therefore, the HVUT for your 67,000 lb truck in New Jersey is $364 for the tax year.

Filing Your Form 2290

The filing deadline for Form 2290 is August 31st for vehicles used on public highways during the period beginning July 1 and ending June 30 of the following year. If you start operating your truck on the road after July 1st, you must file Form 2290 by the last day of the month following the month the vehicle was first used on public highways. For example, if you start using the vehicle on August 15th, you must file by September 30th.

You can file Form 2290 electronically (e-file) or by mail. The IRS strongly encourages e-filing, especially for those filing for 25 or more vehicles. E-filing is generally faster and more efficient, and you will receive Schedule 1 (proof of payment) much quicker.

Required Information for Form 2290

When filing Form 2290, you'll need the following information:

• Your Employer Identification Number (EIN)
• Your Vehicle Identification Number (VIN) for each truck
• The Taxable Gross Weight of each truck
• The date the vehicle was first used on public highways during the tax period.

Penalties for Late Filing or Payment

Failure to file Form 2290 on time or pay the HVUT can result in penalties. The penalty for late filing is 4.5% of the total tax due, assessed on a monthly basis, up to a maximum of 25% of the tax. The penalty for late payment is 0.5% of the unpaid tax, assessed on a monthly basis, up to a maximum of 25% of the unpaid tax. Interest may also be charged on late payments.

New Jersey Specifics

While the HVUT is a federal tax, keep in mind that New Jersey also has its own registration and titling requirements for commercial vehicles. Ensure you are compliant with both federal and state regulations to avoid any issues.