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Excise Tax

A special tax placed on the sale of certain goods or services, typically included in the price of the item. In this case, it's a 12% tax on new heavy trucks and trailers.

Heavy Trucks and Trailers

Large vehicles, including tractors and trailers, used for transporting goods over long distances, often classified by their weight capacity.

Internal Revenue Code of 1986

The primary collection of federal tax laws in the United States, which this bill proposes to change.

Highway Trust Fund

A special federal fund that collects taxes from highway users (like fuel taxes and this excise tax) to pay for highway and transit projects.

Ad Valorem Tax

A tax whose amount is based on the value of the item or property being taxed, rather than a fixed amount per item. The 12% excise tax on trucks is an example because it's a percentage of the vehicle's retail price.

Conforming Amendments

Changes made to other parts of a law or code to ensure they are consistent with a new amendment or repeal.