TAX FILE: IRS clarifies excise exemptions
The Internal Revenue Service on April 4, 2005, published guidance excluding four truck body types from federal excise tax. Revenue Procedure 2005-19 states that the 12% excise tax on new vehicles does not apply to platform bodies 21 feet or less in length, dry freight and refrigerated truck van bodies 24 feet or less in length, dump truck bodies with load capacities of eight cubic yards or less, or