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Rail News: Federal Legislation & Regulation
ASLRRA: Short-line tax credit to be part of spending bill
A tax deal expected to included in major spending legislation and cleared by Congress this week includes a five-year extension of the short-line railroad 45G tax credit, the American Short Line and Regional Railroad Association (ASLRRA) announced today.
Under the legislative proposal, the short-line tax credit would be retroactive from 2018 through 2022.
The credit would spur additional short-line infrastructure investment, which is critical to ensuring safe, reliable, cost effective, and environmentally friendly rail service to rural and small town America," said ASLRRA President Chuck Baker in a prepared statement.
"If this is indeed signed into law, it will be a tremendous victory for the thousands of agricultural, energy, industrial, and manufacturing shippers that rely on short-line railroad service every day to connect them to the domestic and global economies," Baker said.
The support of the 296 House co-sponsors and 62 Senate co-sponsors of the stand-alone tax credit legislation (H.R. 510 and S203, respectively) was a crucial factor in the tax credit being included in the spending legislation, ASLRRA officials said.
"We urge both the House and the Senate to pass the bill this week and the president to sign the legislation, and we stand ready to help in any way necessary," they added.
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