excise tax


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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 ?
When considering a fuel excise tax issue, practitioners should be aware that while both Secs.
Petkova informed that the excise tax rate was to increase gradually in the period 2015-2017, reiterating that the level would remain unchanged in 2014.
In fiscal 2009, Shrewsbury received $500,000 less in excise tax than the year before.
As shown in Figure B, total retail excise tax in the last 10 fiscal years reached a low in 2003, before rebounding and steadily climbing in FY 2004-2006.
Despite these repeated losses, the IRS continues to mandate that the telecommunications carriers collect the Communications Excise Tax from taxpayers with respect to services the per-call charges for which do not vary based on distance (the telecommunications carriers are collection agents for the IRS with respect to the tax).
No firm of which we are aware has developed an excise tax practice with a national scope," said Rick Speizman, Federal Tax partner in KPMG's WNT practice.
An amendment offered by Senator Kennedy (D-MA) to raise the excise tax to $1.
The Rubber Manufacturers Association commended the House of Representatives for its historic action in voting to repeal the excise tax on highway use truck tires.
In Texas, where he foresaw a possible attempt to raise the excise tax, Smoking Gun bluntly equated campaign contributions with "buying," usually a no-no word for influence-peddlers: "Our new comptroller--the person to whom the governor and legislators look for the state's financial guidance--will be John Sharp.
The excise tax on reversions of excess pension plan assets to the employer on termination of a pension plan also goes up.
United States, the Internal Revenue Service held that, under the doctrine of equitable recoupment, those excise tax payments could be used to offset the income tax due.