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Tax Credit for Modernizing Freight Railcars

This act introduces a tax credit for companies that modernize or replace old freight railcars with newer, more efficient ones. The goal is to support the economy post-pandemic and improve the efficiency of freight transport. Citizens may indirectly benefit from improved supply chains and potentially lower transportation costs.
Key points
Companies can receive a 10% tax credit for expenses related to modernizing or replacing freight railcars.
The credit applies to railcars that are more capacious, fuel-efficient, or meet new safety standards.
The aim is to encourage investment in modern rail transport, which can lead to smoother goods flow nationwide.
The act sets a limit of 2,000 railcars per taxpayer annually, and the credit is available until the end of 2024.
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Expired
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Additional Information
Print number: 117_HR_7902
Sponsor: Rep. Schneider, Bradley Scott [D-IL-10]
Process start date: 2022-05-27
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Freight RAILCAR Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7902.

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 2022-05-27.

What are the main provisions?

Key points include:

  • Companies can receive a 10% tax credit for expenses related to modernizing or replacing freight railcars.
  • The credit applies to railcars that are more capacious, fuel-efficient, or meet new safety standards.
  • The aim is to encourage investment in modern rail transport, which can lead to smoother goods flow nationwide.
  • The act sets a limit of 2,000 railcars per taxpayer annually, and the credit is available until the end of 2024.
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 2025-12-28.

CATEGORIES

Taxes Transport Economy