Trucking News: Fitzgerald Glider Kits Is In Big Tax Trouble, $83 Million worth of trouble

Mike

Well-Known Member
Staff member
A tax bill owed by Fitzgerald Glider Kits has ballooned to $83 million despite a complaint filed by the company against the U.S. government disputing the original charges.

Crossville, Tennessee-based Fitzgerald, one of the country's largest manufacturers of refurbished highway tractors, took the government to the U.S. District Court for the Middle District of Tennessee in February after being notified it owed more than $64 million in tax assessments spanning three years, from 2012-14.

Fitzgerald argued before the court that because its costs and profits in assembling a glider kit (typically consisting of, among other things, a cab, frame, steering gear, front axle, front wheels and tires) doesn't exceed 75 percent of the retail price of a new highway tractor, it is entitled to a "safe harbor" exception to a federal 12 percent excise tax imposed on new highway tractors.

The company based that assertion on the results of multiple prior tax audits on Fitzgerald by the U.S. Internal Revenue Service (IRS) beginning in 1991.

 

ironpony

Professional Pot-Stirrer
Supporter
looks like the govurmint is trying to shut them down
probally owe 1 mil and has 82 million in fines and penalities
This administration desire to shut them down?? Doubtful. I'd think it's more that the gubbermint sees that large pot of money for the taking by denying them the exemption on the commercial truck excise tax. The treasury has a huge problem generating enough revenue to make up for the tax cuts... that 6% growth fantasy ain't happening.
 

Gdjjr

Well-Known Member
From the article

“We are not against research,” he said. “We are not against ethical public-private partnerships. But we are against turning a public university into a for-profit engine…We are against the political moves that implicate some of our top administration, a member of our board of trustees and the Fitzgerald family in bankrolling the gubernatorial campaign of Diane Black, who would be the top supervisor over this institution if elected.”


LOL- what a joke.
 

tommyh

Well-Known Member
I figure those eld exempt trucks is one thing they may be after.....that means they can`t control them as much
 

Hammer166

Instigateur №166™
This administration desire to shut them down?? Doubtful. I'd think it's more that the gubbermint sees that large pot of money for the taking by denying them the exemption on the commercial truck excise tax. The treasury has a huge problem generating enough revenue to make up for the tax cuts... that 6% growth fantasy ain't happening.
I suggest you go look it up. Every time taxes are cut, gross revenues actually increase.
 

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