Washington, DC – Today, the U.S. House of Representatives acted to support American industry with the passage of H.R. 1. The Railway Supply Institute (RSI) applauds Congress and President Trump for building upon the success of the Tax Cuts and Jobs Act (TCJA) of 2017. H.R. 1 includes enhanced incentives and new provisions designed to encourage manufacturing investment, foster innovation, and strengthen America’s competitive position on the global stage, including for the vital railway supply sector.
Key provisions of H.R. 1 include:
- Permanent restoration of an interest deductibility standard that supports growth
- Full expensing for capital equipment purchases
- Immediate expensing for research and development costs
Their permanent restoration will encourage innovation, drive investment, and create new jobs nationwide.
“The passage of H.R. 1 represents a significant commitment to American manufacturing, and specifically offers vital support to the railway supply industry,” said Railway Supply Institute President Jim Riley. “In an increasingly competitive global economy, this bill provides our manufacturers–from the smallest workshops to the largest enterprises that build and maintain our nation’s rail system–with tax tools that can help them innovate, expand, and compete. It is a signal that Congress is dedicated to fostering a strong manufacturing sector that includes the critical components of our rail infrastructure.”