EPA and NHTSA Propose Standards for Trucks
The U.S. Environmental Protection Agency (EPA) and the Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) have announced proposed regulations that set standards for greenhouse gas (GHG) emissions and fuel economy standards for medium- and heavy-duty vehicles, including the largest pickup trucks and vans, semi trucks, and all types and sizes of work trucks and buses.
For purposes of this proposal, the heavy-duty fleet incorporates all on-road vehicles rated at a gross vehicle weight at or above 8,500 pounds, and the engines that power them. Heavy-duty vehicles include both work trucks and commercial medium and heavy-duty on-highway vehicles as defined by the Energy Independence and Security Act (EISA). Heavy-duty engines affected by the proposed standards would generally be those that are installed in commercial medium- and heavy-duty trucks and buses.
Additional information is available at http://www.epa.gov/oms/climate/regulations/420f10901.pdf
California to Amend Rules
The California Air Resources Board (ARB) has proposed amendments to the Truck and Bus rule. According to ARB documents, the proposed changes to the Truck and Bus rule are because the the recession has negatively affected employment and revenue for most fleets affected by the regulation and has resulted in lower emissions, and updating the regulation provides an opportunity to simplify and streamline the regulation, while providing fleets more flexibility in how they reduce their emissions.
The amended regulation would exempt smaller vehicles from meeting PM filter requirements and would delay the first replacements for all trucks until 2015. For trucks with a gross vehicle weight rating (GVWR) less than 26,001 lbs: there are no requirements until 2015; vehicles must be replaced when 20 years old from 2015 to 2020; and all must have 2010 engines by 2023.
FASB Schedules Meetings on Leasing Changes
The Financial Accounting Standards Board (FASB) has announced it will host public roundtable meetings to discuss its August 2010 Exposure Draft, Proposed Accounting Standards Update – Leases (topic 840). The schedule of the roundtables is for January 5 in Chicago and January 6 in Norwalk, Conn. (Exact times and locations are to be announced.) Information on participating and/or observing the roundtables is available at www.fasb.org.
In August, FASB published the Exposure Draft to improve the financial reporting of lease contracts. According to FASB, the proposal would result in a consistent approach to lease accounting for both lessees and lessor. Written comments on the Draft are due by December 15. The Exposure Draft is available for review.
NAFA will host a webinar for Members in February on this subject.