Bill 119 hr 1200, also known as the Freight Rail Assistance and Investment to Keep Employees Safe (FRAKES) Act, aims to amend the Internal Revenue Code of 1986 in order to provide a tax credit to incentivize the replacement o...
r modernization of inefficient and outdated freight railcars. The bill is designed to encourage the freight rail industry to invest in newer, more efficient railcars, which will not only improve the overall safety and efficiency of the industry but also reduce emissions and environmental impact.
The tax credit provided by the FRAKES Act will help offset the costs associated with upgrading or replacing outdated railcars, making it more financially feasible for companies to make these necessary improvements. By modernizing their fleets, freight rail companies will be able to operate more efficiently, reduce maintenance costs, and improve overall safety standards.
In addition to the tax credit for railcar replacement or modernization, the bill also includes provisions for other purposes related to the freight rail industry. These additional measures are aimed at promoting innovation, sustainability, and safety within the industry.
Overall, the FRAKES Act seeks to support the modernization and improvement of the freight rail industry through targeted tax incentives, ultimately benefiting both the industry and the environment.