Bill
Bill > HR838
US HR838
US HR838Freight RAILCAR Act of 2023 Freight Rail Assistance and Investment to Launch Coronavirus-era Activity and Recovery Act of 2023
summary
Introduced
02/06/2023
02/06/2023
In Committee
02/06/2023
02/06/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to provide a tax credit to encourage the replacement or modernization of inefficient, outdated freight railcars, and for other purposes.
AI Summary
This bill, the Freight RAILCAR Act of 2023 or the Freight Rail Assistance and Investment to Launch Coronavirus-era Activity and Recovery Act of 2023, aims to amend the Internal Revenue Code to provide a tax credit to encourage the replacement or modernization of inefficient, outdated freight railcars. The key provisions include:
1. Establishing a 10% tax credit, with a limit of 2,000 qualified freight railcars per taxpayer per year, for freight railcar fleet modernization expenses, which include the cost of qualified newly built replacement railcars and qualified railcar modernization expenditures.
2. Defining the requirements for a qualified freight railcar, including significant improvements in capacity, fuel efficiency, or performance.
3. Disallowing the credit for any expense for which a deduction or credit is allowed under any other provision of the tax code, and requiring a basis adjustment for the credited amount.
4. Allowing the credit for certain sale-leaseback and syndication arrangements.
5. Prohibiting the credit for taxpayers that would be ineligible for a federal contract or subcontract under certain provisions.
6. Requiring a report from the Secretary of the Treasury on the use of the credit within 3 years of enactment.
The purpose of this bill is to encourage the modernization of the freight rail fleet, which could improve efficiency and sustainability in the transportation sector.
Committee Categories
Budget and Finance
Sponsors (69)
Darin LaHood (R)*,
Brian Babin (R),
Don Bacon (R),
Jim Banks (R),
Aaron Bean (R),
Stephanie Bice (R),
Sanford Bishop (D),
Earl Blumenauer (D),
Suzanne Bonamici (D),
Mike Bost (R),
Brendan Boyle (D),
Mike Carey (R),
Jerry Carl (R),
Troy Carter (D),
Lori Chavez-DeRemer (R),
Juan Ciscomani (R),
Angie Craig (D),
Rick Crawford (R),
Henry Cuellar (D),
Sharice Davids (D),
Mario Diaz-Balart (R),
John Duarte (R),
Jake Ellzey (R),
Randy Feenstra (R),
Drew Ferguson (R),
Mike Garcia (R),
Marie Gluesenkamp Pérez (D),
Tony Gonzales (R),
Lance Gooden (R),
Josh Gottheimer (D),
Kay Granger (R),
Sam Graves (R),
Kevin Hern (R),
Val Hoyle (D),
Richard Hudson (R),
Wesley Hunt (R),
Ronny Jackson (R),
Dan Kildee (D),
Derek Kilmer (D),
Rick Larsen (D),
Morgan Luttrell (R),
Tracey Mann (R),
Michael McCaul (R),
Carol Miller (R),
Marc Molinaro (R),
Nathaniel Moran (R),
Greg Murphy (R),
Troy Nehls (R),
Dan Newhouse (R),
Jimmy Panetta (D),
August Pfluger (R),
Guy Reschenthaler (R),
Mike Rogers (R),
David Rouzer (R),
Andrea Salinas (D),
Linda Sánchez (D),
Brad Schneider (D),
Terri Sewell (D),
Greg Steube (R),
Marilyn Strickland (D),
Dina Titus (D),
David Trone (D),
David Valadao (R),
Beth Van Duyne (R),
Derrick Van Orden (R),
Randy Weber (R),
Bruce Westerman (R),
Brandon Williams (R),
Roger Williams (R),
Last Action
Referred to the House Committee on Ways and Means. (on 02/06/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/house-bill/838/all-info |
| BillText | https://www.congress.gov/118/bills/hr838/BILLS-118hr838ih.pdf |
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