Rensselaer, NY – Yesterday, an ABMA priority bill – Strengthening Supply Chains Through Truck Driver Incentives Act of 2023 – was reintroduced in the US House of Representatives by Reps. Abigail Spanberger (D-VA) and Mike Gallagher (R-WI). This bill will give commercial truck drivers tax credits if they meet certain qualifications. A driver qualifies for a $7,500 tax credit, which would expire after two years, if their adjusted gross income meets the following qualifications and drove for 1,900 hours in a trade or business in a year.
- $90,000 or less for a single filer
- $135,000 for joint filers or
- $112,500 for heads of household
Additionally, this bill also creates an additional tax credit of $10,000 for new truck drivers or those enrolled in a registered trucking apprenticeship. This credit would also expire after two years.
“Truck drivers are the backbone of our economy, and with continued supply chain issues and worker shortages, they are doing more than ever,” said ABMA Vice Chair, Ida Ross Hicks. “There are many tax incentives out there, but we need the ones in this bill to help incentivize people to get a CDL to reduce delivery times and reward those who are currently working so hard.”
In 2021, US trucking companies experienced a record deficit of 80,000 drivers, according to the American Trucking Association. The shortage has led to pervasive and persistent supply chain issues that are costly to businesses and consumers across all industries and business sectors. The median age of truck drivers is 51-52 years old, and as thousands of drivers retire in the coming years, the industry will need to add even more new drivers just to keep up with current, delayed productivity.
When asked why ABMA has made this legislation a priority, Chair Joe Cecarelli said: “ABMA supports this legislation because it supports the truck drivers who deliver the supplies and goods businesses need to sell and get products to other customers. It will help alleviate the delayed and expensive shipping costs bore by everyone by encouraging more people to enter the profession.”