WCI Praises IWTF Tax Reform

MarineLink.com
Wednesday, February 26, 2014
Michael J. Toohey (Photo: WCI)

Waterways Council, Inc. (WCI) President and CEO Michael J. Toohey today praised the leadership of House Ways & Means Committee Chairman Dave Camp (R-Mich.) for inclusion of a recommendation to increase, by six cents per-gallon, the 20-cent-per-gallon user fee paid for by inland waterways towboat operators into the Inland Waterways Trust Fund (IWTF). The IWTF funds new construction and major rehabilitation of priority navigation projects on the nation’s inland waterways system. The recommendation was included in Chairman Camp’s discussion draft of the Tax Reform Act of 2014, released today.

The section-by-section summary of the proposal cites as consideration for this increase the letter that WCI and 40 stakeholders sent to the House Ways & Means Committee last September.

“In a letter dated September 24, 2013, to the Ways and Means Committee, the Waterways Council and a coalition of nearly 40 stakeholders expressed support for increasing the excise tax that supports the Inland Waterways Trust Fund to at least 26 cents per gallon, in conjunction with spending reforms included in the Water Resources Reform and Development Act, which passed the House of Representatives on October 23, 2013.”

Chairman Camp’s proposal adopts the user fee increase recommended in legislation known as “WAVE 4: Waterways are Vital for the Economy, Energy, Efficiency, and Environment Act of 2013” (H.R. 1149), which provides a comprehensive approach to reforming the delivery of capital improvement projects on the inland waterways system. This legislation was introduced by Congressman Ed Whitfield (R-Ky.) and Democratic co-sponsor Congressman Daniel Lipinski (D-IL), along with the 31 other bi-partisan co-sponsors.

“WCI, along with its carrier, shipper, agriculture, labor, conservation and port community members, is deeply appreciative for the leadership shown by Chairman Camp to recommend a user fee increase that will allow more money to be collected into the Inland Waterways Trust Fund to modernize our critically important inland waterways system,” Toohey said. “As our nation looks to increase exports, create jobs, and facilitate American competitiveness, transportation infrastructure requires investment. An increased user fee, paid for and supported by the inland waterways industry, will serve to raise the level of investment in our inland waterways transportation system,” Toohey continued.

The full section of the Tax Reform Act of 2014 discussion draft related to the user fee increase is below:

Sec. 7003. Modification relating to inland waterways trust fund financing rate.

Current law: Under current law, an excise tax of 20 cents per gallon is imposed on fuel used in powering commercial cargo vessels on inland or intra-coastal waterways. These excise tax revenues are deposited into the Inland Waterways Trust Fund. Provision: Under the provision, the excise tax rate would be increased to 26 cents per gallon. The provision would be effective for fuel used after 2014.

Consideration: In a letter dated September 24, 2013, to the Ways and Means Committee, the Waterways Council and a coalition of nearly 40 stakeholders expressed support for increasing the excise tax that supports the Inland Waterways Trust Fund to at least 26 cents per gallon, in conjunction with spending reforms included in the Water Resources Reform and Development Act, which passed the House of Representatives on October 23, 2013.

JCT estimate: According to JCT, the provision would increase revenues by $0.2 billion over 2014-2023


waterwayscouncil.org
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Workboats

First VectRA 3000 Tug Delivered

Sanmar’s first VSP (Voith Schneider Propeller) tug, of the new VectRA 3000 series, named Arie A has been constructed for Italian operator Tripmare Spa of Trieste.

Eni Cancels Vessel Deal with Viking Supply Ships

Viking Supply Ships A/S (VSS) has received an early termination notice of the contract for the Ice-class 1A AHTS “Njord Viking”. The vessel has been working for

Damen ASD Tug for Mexico

Damen congratulates Reylaver on the safe arrival and naming ceremony of the new ASD Tug 2411 Jesus. In order to reach her owners, the vessel undertook, on her own keel,

Finance

Will UK Maritime Traffic Rise or Fall on Brexit?

UK container traffic will see more muted growth than expected a few months ago, at least in the short term, says Drewry.   Patrick Walters, Peel Ports’ Group Commercial Director,

Samil PwC Okays Hyundai's Management Improvement Plan

Hyundai Heavy Industries (HHI) is notified by Samil PwC, a local member of the global accounting firm PwC, that its 3.5 trillion won worth management improvement

India Govt Subsidy for Ship Building Industry

Maritime Agenda 2010-20 has inter-alia set a target to increase percentage share of India to 5% in global ship building and 10% share in global ship repair for India by 2020.

Fuels & Lubes

As Market Sours, LPG Tankers Anchor off Singapore

Record U.S. LPG exports to Asia flip market into a glut. Last year, liquefied petroleum gas (LPG) supplied to Asia was being snapped up by petrochemical makers.

KR Boosts Operational Efficiency with Boxship Conversion

The Korean Register has announced that it has successfully completed a feasibility study for the conversion of an 8,600 teu containership into a 10,000 teu vessel.

WWL Adds Another Neo-Panamax

Themis is Wallenius Wilhelmsen Logistics’ (WWL) fourth Neo-Panamax class vessel, which means it is built for the expanded Panama Canal inaugurated June 26.   Like her sister vessels,

News

Will UK Maritime Traffic Rise or Fall on Brexit?

UK container traffic will see more muted growth than expected a few months ago, at least in the short term, says Drewry.   Patrick Walters, Peel Ports’ Group Commercial Director,

Nigeria Becomes Piracy Kidnapping Hotspot, says IMB

Despite global improvements, kidnappings are on the rise, with 44 crew captured for ransom in 2016, 24 of them in Nigeria, up from 10 in the first half of 2015.

Boeing 767 Shipped by Barge

MTS Statum completes marine towage of barge carrying Boeing 767 from Shannon Airport   Marine service provider Marine and Towage Services Group Ltd. (MTS) has

People in the News

Volvo Penta Names Brown Commercial Marine Sales Director

Dave Brown has joined Volvo Penta of the Americas as director of commercial marine sales.   In this new position, Brown will provide strategic and administrative

HII Names Leonard a Corporate Director

Capt. Joseph J. Leonard (U.S. Navy, Ret.) has joined Huntington Ingalls Industries (HII) as corporate director of customer affairs, large surface combatant program, the shipbuilder announced.

Piracy Drops to 21-year low - IMB

Piracy and armed robbery at sea has fallen to its lowest levels since 1995, despite a surge in kidnappings off West Africa, according to a new report from the International

Government Update

India Govt Subsidy for Ship Building Industry

Maritime Agenda 2010-20 has inter-alia set a target to increase percentage share of India to 5% in global ship building and 10% share in global ship repair for India by 2020.

Libyan Deal to End Oil Ports Blockade Needs Signing

Libyan Petroleum Facilities Guard (PFG) commander Ibrahim Jathran said on Monday he was ready to end a blockade at key oil terminals, but the U.N.-backed government

Funding Approved for Georgia’s New Inland Terminal

At its July board meeting, the Georgia Ports Authority (GPA) approved a spending package of $19.7 million to construct the Appalachian Regional Port in Chatsworth, Murray County, Ga.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1584 sec (6 req/sec)