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 Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Workboats

MN 100: Ingram Barge Company

4400 Harding Road Nashville, TN 37205-2290 Tel: (615) 298-8200   Email: Elizabeth@tsgnashville.com Website: www.ingrambarge.com CEO: Orrin H. Ingram The

Smith Brothers to Christen Newbuild Tug

On October 10, 2014, Kenneth Smith, 99, the last of the original Smith Brothers, will christen the tug Captain Kenneth. The vessel was designed by the late Oliver

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

Finance

Trelleborg Report Optimistic for Port Investment

The latest 'Barometer Report' from Trelleborg's marine operations business sector, discusses the issues impacting ports and terminals around the globe, and reveals

Upcoming Winter Tanker Market Same as Last Year?

Will the 2014/15 winter tanker market be a repeat of the previous one? Poten & Partners consider the question in their latest 'Poten Tanker Opinion'. As the

Technip Further Optimizes its Subsea Assets

Technip signed today an agreement to sell 100% of its North American diving assets to Ranger Offshore Inc.(1). Technip’s strategy focuses on high technology

Fuels & Lubes

Upcoming Winter Tanker Market Same as Last Year?

Will the 2014/15 winter tanker market be a repeat of the previous one? Poten & Partners consider the question in their latest 'Poten Tanker Opinion'. As the

MN 100: Total Lubmarine

Le Diamant B – 16, rue de la République 92922 Paris-La-Défense Cedex, France E-mail: rm.total-lubmarine@total.com Web: www.lubmarine.com The Company: Total

Brent Oil Hits 26-month Low Under US$97

Brent crude oil on Monday slumped to its lowest in over two years, below $97 per barrel as lacklustre economic data from China, the world's top energy consumer,

News

Technip Further Optimizes its Subsea Assets

Technip signed today an agreement to sell 100% of its North American diving assets to Ranger Offshore Inc.(1). Technip’s strategy focuses on high technology

Fourth National Security Cutter Delivered to USCG

The Coast Guard accepted delivery of the fourth National Security Cutter, Hamilton, in Pascagoula, Mississippi, Monday. Hamilton will be the first of two NSCs to be homeported in Charleston,

Port of Long Beach Sees Cargo Numbers Slip

Container cargo shipments declined by 9.1 percent in August at the Port of Long Beach, reflecting both early shipping by importers this year and the comparison

People in the News

Off-duty Coast Guardsman Saves Six from the Sea

Coast Guard Sector Long Island Sound Command Center was notified at approximately 5:20 p.m., via VHF Channel 16, that a 38-foot pleasure craft was tipped over with

Commissioner Doyle Addresses NCBFAA

Federal Maritime Commissioner William P. Doyle spoke today at the National Customs Brokers & Forwarders Association of America (NCBFAA) Government Affairs Conference in Washington, DC.

ZF Marine: New Transmissions, New CEO

Marine propulsion system technology providers ZF Marine says it expanded its portfolio of transmissions for the commercial craft segment when two hybrid-ready systems

Government Update

Haze and Reduced Visibility at Singapore Ports

Due to the presence of haze, the Maritime & Port Authority of Singapore Port Marine in their Notice No.113 of 2014 dated 15 September 2014 have informed the

CAGTC Members Win Big in TIGER VI

The U.S. Department of Transportation (USDOT) announced Friday that 72 projects will receive a total of $600 million from the sixth round of the Transportation

Leaky Equipment, Not Fracking, Behind Tainted US Water -Study

The contamination of water supplies near U.S. shale gas fields appears to be the result of leaky cement wells and casings and not the controversial production technique of hydraulic fracturing,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2090 sec (5 req/sec)