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 dedicated to advancing safety, innovation, technology, and sustainability within the freight and passenger railway supplier industry, both in North America and global markets. As the voice of the industry, RSI strategically engages in critical and urgent industry matters by leveraging the technical expertise of our members to advocate in the legislative and regulatory arenas, foster education, host impactful events, and facilitate networking opportunities. For more information visit www.rsiweb.org, follow RSI on Twitter and LinkedIn.