Note 11 - Excise Taxes And Associated Revenue
The Internal Revenue Service (IRS) collects various excise taxes that are deposited into the HTF. These are used to fund operations in the FHWA (including BTS), FTA, NHTSA, FRA, and FMCSA. The United States Treasury estimates the amount collected/revenue recognized, and adjusts such estimates for the actual quarterly collections. The IRS submits certificates of actual tax collections to FHWA six months after the quarter end and, accordingly, the HTF financial statements are adjusted to reflect such actual amounts at that time. Accordingly, total tax revenue recognized for the year ended September 30, 2004 and 2003 includes the Office of Tax Analysis (OTA) estimates as follows:
Office of Tax Analysis Estimated Tax Revenue
for the Years Ended September 30, 2004 and 2003
Quarter Ended |
2004 |
2003 |
| June 30 |
$9,042,544 |
$ - |
| September 30 |
$8,689,872 |
$9,267,728 |
For the six months ended March 31, 2004 actual tax collections reported by the IRS were lower than the OTA estimates by approximately $1 billion. The financial statements of HTF reflect actual tax collections for the six months ended March 31, 2004, plus an estimate of tax collections expected for the two quarters ended June 30, 2004 and September 30, 2004, as noted in the above table. Actual tax collections data for the two quarters ended June 30, 2004 and September 30, 2004 will not be available from the IRS until December 2004 and March 2005, respectively. Management does not believe that the actual tax collections for the quarters ended June 30, 2004 and September 30, 2004 will be materially different than the OTA estimate of such collections for those quarters.
For the years ended September 30, 2004 and 2003, respectively, excise taxes and associated non-exchange revenue, which are reported on the Statement of Changes in Net Position, were as follows:
Excise Taxes and Associated Non-exchange Revenue
for the Years Ended September 30, 2004 and 2003
| |
2004 |
2003 |
| Excise taxes (transferred from the general fund): |
|
|
| Gasohol |
$ 5,716,127 |
$ 2,740,664 |
| Diesel and special motor fuels |
8,935,465 |
8,536,830 |
| Trucks |
3,237,017 |
3,053,139 |
| Gasoline |
18,244,158 |
21,207,711 |
| Fines and penalties |
16,457 |
15,254 |
| IMTP revenue |
25 |
112 |
| IMTP transfer |
-
 |
2,644
|
| Total taxes |
36,149,249
|
35,556,354
|
Less transfer to: |
|
|
| Land and water conversation fund |
(1,000) |
(1,000) |
| General fund |
(111,350) |
(118,572) |
| Aquatic reserve |
(311,639)
|
(289,682)
|
| Gross taxes |
35,725,260
|
35,147,100
|
Less refunds of taxes (reimbursed to general fund): |
|
|
| Gasoline |
(305,286) |
(318,547) |
| Gasohol |
(27,751) |
(17,448) |
| Diesel |
(625,821) |
(642,428) |
| Special motor fuel |
(1,342) |
(766) |
| Gas to make gasohol |
(22,865) |
(22,309) |
| Diesel fuel bus use |
(31,423)
|
(30,430)
|
| Total refund of taxes |
(1,014,488)
|
(1,031,928)
|
| Total Excise Taxes |
34,710,772 |
34,115,172 |
| Other Non-Exchange Revenue |
13,556
|
-
|
| Total Excise Taxes and Net Non-Exchange Revenue |
$34,724,328
 |
$34,115,172
|
|
