excise tax

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Related to Excise taxes: Excise duty

Excise tax

Federal or state tax placed on the sale or manufacture of a commodity, typically a luxury item e.g., alcohol.

Excise Tax

A tax on the manufacture or sale of a good or service over and above all other taxes paid on it. For example, a person may owe sales tax on the purchase of tobacco, but the state may also levy an excise tax on top of it. Likewise, one may owe both income taxes and excise taxes on a premature distribution of an IRA. See also: Sin tax.

excise tax

A tax on the manufacture, purchase, or sale of a good or service. The tax may be based on the number of units or on value. Compare consumption tax.
References in periodicals archive ?
4041 imposes excise taxes on fuels used for specific purposes, including powering highway vehicles, trains, motor vehicles, motorboats, and aircraft.
Bliss said because of lower new car sales and the aging of the vehicle fleet, the DOR last year verbally advised municipalities to not overestimate what they would receive from motor vehicle excise taxes.
Federal retail excise taxes are currently imposed on, but not limited to, the following goods: special motor fuels, compressed natural gas, alcohol fuels, fuels used on inland waterways, and truck, trailer, and semitrailer chassis and bodies, and tractors.
In January of 2003 a coalition made up of these seven top tobacco- producing states came together to work on increasing their tobacco excise taxes to at least the current national 69 cent average.
It's at the state level that much of the real action on tobacco issues takes place--from excise taxes to anti-smoking laws to how strictly laws against selling to minors are enforced.
38(b)(20) and 5011, for certain distilled spirits wholesalers and for the costs of carrying Federal excise taxes on bottled distilled spirits, effective for tax years beginning after Sept.
These losses and gains are significant when considering they are largely the result of higher or lower prices due to excise taxes," Berthoud said.
And the Bankruptcy Code grants priority to excise taxes, without further definition or limitation.
5 million in income for recovery of federal excise taxes ("FET") paid since August 2005, following the retroactive elimination of the excise tax.
4958 intermediate sanctions excise taxes, which penalize individuals and exempt organization managers who participate in "excess benefit" transactions, will apply automatically in certain situations.
The Court of Appeals for the Sixth Circuit, however, disagreed, noting that pension excise taxes are entitled to priority and the Bankruptcy Court is without power to recharacterize it and subordinate it as a penalty.
These payments will be provided and secured by a pledge of and lien on the city's excise taxes.