The Internal Revenue Service recently issued its 2007-2008 Priority Guidance Plan, reflecting the most important tax-related items for which the IRS plans to issue additional guidance, interpretations and regulations from July 2007 through June 2008.
Most of the 303 priority items that relate specifically to segments of the trucking and bus industries involve excise taxes. Priority topics include:
Guidance under sections 4051 and 4071 on heavy trucks, trailers, tractors and tires to update current regulations and to reflect recent statutory changes, including changes made by the American Jobs Creation Act of 2004;
Proposed regulations under sections 4081-4083 and 6427 on fuel tax provisions added or affected by the American Jobs Creation Act of 2004; the Energy Policy Act; the Safe, Accountable, Flexible, Efficient Transportation Equity Act; and the Tax Relief and Health Care Act of 2006;
Final regulations under section 4082, as amended by the American Jobs Creation Act of 2004, on diesel fuel and kerosene that is dyed by mechanical injection. Temporary regulations were published on April 26, 2005;
Update of existing regulations and rulings regarding the tax on the retail sale of trucks, tractors and trailers under sections 4051-4053. Current guidance is in temporary regulations, regulations under section 4061 and numerous revenue rulings;
Guidance under section 4481, as amended by the American Jobs Creation Act of 2004, related to electronic filing of highway use tax returns and the proration of tax when vehicles are sold;
Guidance on the eligibility of the credit or payment allowed for fuel used in certain buses described in sections 6421(b) and 6427(b);
Guidance under section 6426(d)(2)(F) – as added by the Safe, Accountable, Flexible, Efficient Transportation Equity Act – to define “liquid hydrocarbon derived from biomass” for purposes of the definition of alternative fuel and the credit and payment allowable for alternative fuel mixtures; and
Proposed regulations under sections 40, 40A, 6426 and 6427 on fuel tax provisions added or affected by the American Jobs Creation Act of 2004; the Energy Policy Act; and the Safe, Accountable, Flexible, Efficient Transportation Equity Act, including issues that are related to alcohol fuels, biodiesel, renewable diesel and alternative fuel. 
