S. 1230, The Highway Reauthorization and Excise Tax Simplification Act of 2005

• This item is from the 109th Congress (2005-2006) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

The Highway Reauthorization and Excise Tax Simplification Act of 2005 would make numerous changes to the Internal Revenue Code, most of which would modify various excise taxes. The affected excise taxes include several dedicated to the Highway Trust Fund (HTF) and the Aquatic Resources Trust Fund (ARTF). In addition, the bill would raise revenues mainly by changing the rules for deductibility of interest for certain debt instruments and by increasing certain penalties.