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Tax Credits for Freight Railcar Modernization and Replacement

This act introduces tax credits for companies that modernize or replace old freight railcars with newer, more efficient ones. The goal is to improve the safety and efficiency of rail transport, which could lead to better availability of goods and lower transportation costs. Companies can receive a refund for a portion of their expenses, encouraging investment in modern rolling stock.
Key points
Rail companies can receive a 50% tax credit for expenses related to modernizing or replacing freight railcars.
Support covers the purchase of new railcars, scrapping old ones, and modernizing rail facilities and technology.
The aim is to enhance safety, fuel efficiency, and performance of rail transport, potentially lowering consumer costs.
The credit is available until the end of 2024 for facility and technology modernization, and until the end of 2025 for railcar replacement and scrapping.
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Additional Information
Print number: 117_HR_2289
Sponsor: Rep. Schneider, Bradley Scott [D-IL-10]
Process start date: 2021-03-29
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Freight RAILCAR Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_2289.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-29.

What are the main provisions?

Key points include:

  • Rail companies can receive a 50% tax credit for expenses related to modernizing or replacing freight railcars.
  • Support covers the purchase of new railcars, scrapping old ones, and modernizing rail facilities and technology.
  • The aim is to enhance safety, fuel efficiency, and performance of rail transport, potentially lowering consumer costs.
  • The credit is available until the end of 2024 for facility and technology modernization, and until the end of 2025 for railcar replacement and scrapping.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Schneider, Bradley Scott [D-IL-10].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Transport Economy