Federal Excise Tax Act
- Excise taxes allow the government to consistently tax certain kinds of goods and services immediately and directly.
- Petroleum products, including gasoline, are often subject to an excise tax. Other commonly taxed products include jewelry, fishing and archery products, electronics and appliances.
- Services that are commonly assigned an excise tax include gambling, indoor tanning, use of certain transportation networks, telecommunications and import transport.
- In many cases, businesses or individuals can apply for exemptions or refunds from certain excise taxes and receive compensation.
- Many confuse excise taxes with sales taxes, but excise taxes are usually built into the price of products or services, and sales tax is added onto the bill at the point of sale.
Background
Taxed Products
Taxed Services
Refunds
Misconceptions
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