|
Article:
Hurricane Katrina '“ IRS Waiving Diesel Fuel Penalties by: Richard A. Chapo Obviously, the destruction caused by Hurricane Katrina has had a major impact on fuel supplies. The IRS is temporarily waiving regulations that ban the sale of certain diesel fuels to address shortages. Dyed Diesel Fuel No Longer Banned Diesel fuel comes in two general forms, clear and dyed. Dyed diesel is not environment friendly. Under laws passed by Congress, the IRS effectively bans the sale of dyed diesel fuel for use on highways. Put another way, the trucking industry must use clear diesel for transports. In the wake of serious fuel shortage issues caused by Hurricane Katrina, the IRS is immediately waiving the tax penalties applicable to the use of dyed diesel on highways. This surprisingly quick policy decision is a reflection of exploding fuel prices and a stark lack of supply. The order issued by the Commissioner of the IRS is only effective until September '15
|
