Washington (Dec. 3, 2003) -- Sen. Chuck Grassley, chairman of the Committee on Finance, and Sen. Max Baucus, its ranking member, have introduced the Fuel Fraud Prevention Act.
Grassley noted in his floor statement that the point of the legislation was not "just moving around a few numbers on a tax return."
"Today we will begin closing the loopholes that have created millions of gallons and billions of dollars of missing fuel and missing tax dollars," he said. "This problem not only robs the U.S. Treasury, it also robs the American taxpayer."
The issue is more than just lost revenue due to tax fraud, according to Grassley. "We need to know where all of this fuel is going. What makes us think that if we cannot find the fuel to collect the tax, that we could find the fuel to stop the terrorist acts?"
-- WebCPA staff
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access