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

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