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On Sept. 10, 2019, ASLRRA members met with more than 40 Congressional offices seeking a path forward for the Tax Credit before the end of 2019. The Short Line Tax Credit, which offers a credit of $.50 for each private dollar spent on freight rail upgrades and maintenance up to a cap of $3,500 per track mile annually, has been renewed six times since 2005, driving more than $4B in private investment, but last expired in December 31, 2017 and currently awaits extension.
“Congressional leadership must work together to secure certainty and renewed investment for the thousands of small communities and small businesses served by short line railroads,” said Chuck Baker, President, ASLRRA. “This BRACE Act bill has an overwhelming amount of bi-partisan support, with an almost exactly even split of Democrats and Republicans. The credit has the clear support of Congress and it has been reviewed and recommended for renewal by both the House Ways and Means Committee and the Senate Finance Committee within the past year. Evidence provided in an independent study completed by PwC is clear—this is simply smart public policy that maximizes investment in efficient, safe and environmentally friendly freight transportation for thousands of shippers throughout the country, particularly in the agricultural, energy and manufacturing industries, and it also drives employment and growth in the railroad supplier community and in the regional economies where railroads operate.”
In addition to bi-partisan support of the BRACE Act, Congress has taken multiple actions to renew the Credit. In the 116th Congress:
More information on the tax credit can be found here.
The post 272 House Reps Support Short Line Tax Credit appeared first on Railway Age.
This article first appeared on www.railwayage.com
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