US Freight RAILCAR Act: Tax Credits Boosting Rail Efficiency

“`html

Introduction

U.S. Senators Jim Banks (R-Ind.) and Chris Coons (D-Del.) introduced the Freight RAILCAR Act (S. 2758) in the Senate last week, legislation that would amend the Internal Revenue Code of 1986 to offer tax credits for replacing or modernizing outdated freight railcars.

Freight RAILCAR Act

Legislative Proposal

The Freight RAILCAR Act (S. 2758) proposes changes to the Internal Revenue Code of 1986.

Objectives

The primary aim of the legislation is to incentivize the replacement or modernization of inefficient and outdated freight rail cars through tax credits.

Industry Impact

The Rail Security Alliance, which supports the bill, anticipates that the law, if passed, will enhance the rail industry’s capacity to alleviate supply-chain issues and foster high-paying U.S. manufacturing jobs.

Supporting Statement

According to a press release, Erik Olson, Executive Director of the Rail Security Alliance, stated that the bill’s enactment would significantly benefit the efficiency of the North American freight-rail system.

Conclusion

The Freight RAILCAR Act (S. 2758), introduced by U.S. Senators Jim Banks and Chris Coons, seeks to amend the Internal Revenue Code of 1986 to provide tax incentives for modernizing freight railcars. The Rail Security Alliance supports the legislation, anticipating positive impacts on supply chains and manufacturing jobs.

Company Summary

Rail Security Alliance: The Rail Security Alliance is an entity that supports the Freight RAILCAR Act (S. 2758) and anticipates positive impacts on supply chains and manufacturing jobs.

“`