Regulation
Prime Inc. Seeks Over $11 Million in Tax Refunds from the U.S. IRS
U.S. trucking company Prime Inc. has filed a lawsuit in federal court, alleging that the IRS misinterpreted tax regulations and denied its claim for over $11 million in tax credit refunds for fuel used in trailer refrigeration units. The company argues that the fuel qualifies as "non-highway, non-taxable commercial use" and requests the court to order the IRS to refund the taxes and cover related costs.
Prime Inc. seeks over $11 million in tax refunds from the U.S. IRS
In its lawsuit, Prime Inc. claims that fuel used for its trailer refrigeration units should be considered 'non-highway, non-taxable commercial use,' and therefore it is entitled to tax credits. The IRS has rejected part of its refund claims for 2018 to 2021, and the company is now seeking judicial relief.
Proposed 'Ghost Truck Act' Aims to Restrict Electronic Log Editing Permissions
U.S. House Representatives Greg Steube and Dave Taylor have introduced the 'Ghost Truck Act,' which seeks to prohibit overseas dispatchers from tampering with drivers' hours-of-service records. The bill has been referred to the House Transportation and Infrastructure Committee for review.
New U.S. Proposal Aims to Restrict ELD Record Modification Rights to Enhance Road Safety
U.S. Representatives Greg Steube and Dave Taylor have introduced the Ghostruck Act, which proposes to require that ELD record modifiers be located in North America to curb overseas personnel from tampering with driver hours-of-service records. The bill has been referred to the House Transportation and Infrastructure Committee for consideration and has received support from multiple trucking industry organizations.
Industry Groups Urge FMCSA to Address Supreme Court Ruling Expanding Broker Legal Risks
The Supreme Court's ruling in Montgomery v. Caribe Transport II, which determined that brokers may be held liable for negligence in carrier selection, has raised industry concerns. The Small Business in Transportation Coalition and the Transportation Intermediaries Association are urging the FMCSA to take urgent rulemaking action, including default safety ratings and a 'high-risk' list, while C.H. Robinson has already adjusted its carrier standards, requiring higher insurance limits and excluding high-risk carriers.
Industry Groups Urge FMCSA Action After Supreme Court Ruling Expands Broker Legal Risks
A Supreme Court ruling has expanded the legal risks for freight brokers when selecting unsafe carriers, prompting urgent responses from industry groups. SBTC and TIA have each submitted petitions to the FMCSA requesting the establishment of default safety ratings, federal selection standards, and a list of high-risk carriers. C.H. Robinson has already taken the lead in adjusting its carrier admission standards, raising the minimum insurance requirement from $100,000 to $1 million.
Federal Reserve Keeps Benchmark Interest Rate Unchanged, Removes Language on Future Rate Cut Bias
The Federal Reserve kept its benchmark interest rate unchanged in the 3.5%-3.75% range at the meeting concluded on June 17, and voted 12-0 to remove the language about "additional adjustments" from the previous statement, signaling a possible future rate hike. New Chairman Warsh said he would "achieve price stability" and announced the formation of five working groups to review issues such as the balance sheet, communication strategy, data sources, productivity and AI, and the causes of inflation.
Federal Reserve Keeps Benchmark Interest Rate Unchanged, Removes Language on Future Rate Cut Bias
The Federal Reserve kept interest rates unchanged at its June meeting and removed language in its policy statement about possible future rate cuts. Chair Warsh stated he is firmly committed to achieving price stability, while also announcing the formation of five working groups to review the central bank's policy framework.
Hub Group Interim CFO Monthly Salary $125,000
Hub Group appointed Todd Heeter as interim Chief Financial Officer on May 28, and under the consulting agreement, Heeter will receive a monthly cash consulting fee of $125,000 for a six-month term. The appointment is related to corrective measures taken by the company following a $77 million accounting error.
Hub Group Interim CFO Monthly Compensation of $125,000
Hub Group appointed Todd Heeter as interim Chief Financial Officer on May 28, with a monthly compensation of $125,000 for a six-month term. This follows the departure of long-time CFO Kevin Beth due to a $77 million accounting error. Heeter will serve as an independent contractor and is not eligible for benefits.