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Legislation aimed at making the 45G tax credit permanent has reached majority support in the U.S. House and Senate, the American Short Line and Regional Railroad Association (ASLRRA) announced today.The Building Rail Access for Customers and the Economy (BRACE) Act has achieved 226 co-sponsors in the House (H.R. 721) and 51 co-sponsors in the Senate (S. 407), according to an ASLRRA press release.The legislation would make permanent the tax credit known as 45G. Under the terms of the credit, a short line would receive a 50-cent tax credit for every $1 invested in infrastructure, with a credit cap of $3,500 per mile of track.Since the tax credit was implemented in 2005, it has enabled short lines and regionals to invest $4 billion in infrastructure. In 2015 alone, the industry used the credit to improve 2,140 miles of rail and replace 5.27 million ties. The credit is "critical for the competitiveness of the 10,000 customers served by short-line railroads," said Jerry Vest, ASLRRA's legislative policy chairman."The infrastructure upgrades funded in part by this credit will allow those customers to better compete in their own domestic and international markets," he said.The credit expired Dec. 31, 2016.
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