Washington, DC, March 29, 2021 – The Railway Supply Institute (RSI) released the following statement in support of the bipartisan reintroduction of the Freight Rail Assistance and Investment to Launch Coronavirus-era Activity and Recovery Act or the “Freight RAILCAR Act” by Representatives Brad Schneider (D-IL-10), Darin LaHood (R-IL-18), and ten other members of the U.S. House of Representatives Monday:
“The Freight RAILCAR Act will help incentivize private investment in the freight railcar manufacturing industry to preserve thousands of American jobs, reduce our carbon footprint, and ensure the integrity of our critical rail supply chains. This legislation would offer incentives for new and sustained investments to help stabilize the freight railcar manufacturing industry during this critical tim,” said Nicole Brewin, Senior Vice President of Government and Public Affairs for RSI.
The bill offers freight railcar owners a time-limited 50% tax credit for purchasing new freight railcars or refurbishing existing freight railcars that result in improving capacity or fuel by at least 8%. The bill also provides separate tax credits for scrapping railcars based on their depreciated value and for capital expenditures on equipment or technology enhancements that improve environmental standards or the safety, quality, or efficiency of railcar manufacturing and repair operations.
“While the rest of the economy begins to recover, railway suppliers across the United States continue to face increasingly difficult economic circumstances. This is the right bill for the right time, and we thank representatives Schneider, LaHood, and the other sponsors for introducing this critical legislation,” said Brewin.
In addition to Representatives Schneider and LaHood, other original sponsors of the bill included House Transportation and Infrastructure Rail Subcommittee Chairman Donald Payne (D-NJ-10) and Ranking Member Rick Crawford (R-AR-1), along with Representatives Rodney Davis (R-IL-13), Randy Weber (R-TX-14), Earl Blumenauer (D-OR-3), Terri Sewell (D-AL-7), Jackie Walorski (R-IN-2), Sanford Bishop (D-GA-2), Suzanne Bonamici (D-OR-1), and Louie Gohmert (R-TX-1).
About the Railway Supply Institute (RSI)
The Railway Supply Institute (RSI) is a trade association representing more than 160 companies involved in the manufacture of products and services in the freight car, tank car, locomotive, maintenance-of-way, communications and signaling, and passenger rail industries. RSI connects members to their customers and partners, supports the improvement of the industry, assists members in the global marketplace, and represents the industry during the regulatory and legislative process. For more information visit www.rsiweb.org, follow RSI on Twitter and join the RSI LinkedIn group.