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

Workboats

Seacor Takes Delivery of 10,800 HP Crewboat

Seacor Marine is building ever larger and more powerful mono-hull crew/supply boats. The first of these to be delivered is the 202x34-foot Alex F. McCall with some very impressive statistics.

A Classic Repower

The tug Falcon was built by Modern Marine Inc. in 1978. In the intervening years, companies that employed her have changed hands a number of times until 2013 when Vane Line Bunkering of Baltimore,

The Legal Consequences of 46 CFR Subchapter “M”

As the holiday season and the end of another year quickly approaches, the towing industry patiently waits for the Coast Guard to finalize the long-awaited towing vessel inspection rule.

Finance

Asia VLCC Rates Could Could Climb Even More

Owners see rates climb by nearly $22,000 per day; Rates could peak as more tonnage comes free. Rates for very large crude carriers (VLCCs) on key Asian routes

New Players in Singapore Markets in OW's Absence

The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share

Asian Airlines Pause Before Hedging on Fuel

Oil fell to four-year low of $72 on Thursday; Airlines hope the price will slip below $70 a barrel. Airlines in Asia-Pacific are holding off from hedging their

Fuels & Lubes

Asia VLCC Rates Could Could Climb Even More

Owners see rates climb by nearly $22,000 per day; Rates could peak as more tonnage comes free. Rates for very large crude carriers (VLCCs) on key Asian routes

New Players in Singapore Markets in OW's Absence

The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share

Asian Airlines Pause Before Hedging on Fuel

Oil fell to four-year low of $72 on Thursday; Airlines hope the price will slip below $70 a barrel. Airlines in Asia-Pacific are holding off from hedging their

News

EU Regs on Ship CO2 Reporting Complicates IMO Agreement

ICS Concerned that EU will Preempt IMO CO2 Negotiations.   The global trade association for shipowners – the International Chamber of Shipping (ICS) – is disappointed

World’s Largest Boxship is DNV GL classed

CSCL Globe, the world’s largest containership and the first of a series of five 19,100 TEU containerships ordered by China Shipping Container Lines (CSCL) in 2013,

New Players in Singapore Markets in OW's Absence

The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share

People in the News

EU Regs on Ship CO2 Reporting Complicates IMO Agreement

ICS Concerned that EU will Preempt IMO CO2 Negotiations.   The global trade association for shipowners – the International Chamber of Shipping (ICS) – is disappointed

World’s Largest Boxship is DNV GL classed

CSCL Globe, the world’s largest containership and the first of a series of five 19,100 TEU containerships ordered by China Shipping Container Lines (CSCL) in 2013,

New Players in Singapore Markets in OW's Absence

The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share

Government Update

EU Regs on Ship CO2 Reporting Complicates IMO Agreement

ICS Concerned that EU will Preempt IMO CO2 Negotiations.   The global trade association for shipowners – the International Chamber of Shipping (ICS) – is disappointed

NATO Unconcerned by Russian Warships in English Channel

A squadron of Russian warships entered the English Channel on Friday but a NATO official dismissed a Russian media report that they were there to conduct military exercises.

Japan Military Wants China "Crisis Management" Pact

Japan's highest-ranking military officer on Friday urged an early start to a "crisis management" mechanism with China amid conflicting claims to a group of tiny East China Sea islands.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.3955 sec (3 req/sec)