Freight RAILCAR Act of 2022

Freight Rail Assistance and Investment to Launch Coronavirus-Era Activity and Recovery Act of 2022 or the Freight RAILCAR Act of 2022

This bill provides a new tax credit through 2024 for 10% of freight railcar fleet modernization expenses (i.e., railcar replacement and modernization expenses for meeting fuel efficiency and performance standards). The bill provides that no more than 2,000 freight railcars per taxpayer may be taken into account for purposes of determining the credit in a taxable year.

The Department of the Treasury must report to Congress on the credit to provide information on the number of times the credit was claimed and the number of railcars scrapped or built as a result of the credit.

Bill 117 HR 7902, also known as the Freight RAILCAR Act of 2022, is a piece of legislation introduced in the US Congress with the aim of improving the safety and efficiency of freight rail transportation in the United States. The bill focuses on several key areas related to freight railcars, including maintenance, inspection, and safety standards.

One of the main provisions of the bill is the establishment of new safety standards for freight railcars, aimed at reducing the risk of accidents and ensuring the safe transportation of goods. These standards would cover a range of issues, including the design and construction of railcars, as well as requirements for regular maintenance and inspection.

In addition to safety standards, the Freight RAILCAR Act also includes provisions aimed at improving the efficiency of freight rail transportation. This includes measures to streamline the process of moving goods by rail, as well as incentives for rail companies to invest in new technologies and infrastructure to improve the speed and reliability of their services. Overall, the Freight RAILCAR Act of 2022 is a comprehensive piece of legislation that seeks to address key issues related to freight rail transportation in the United States. By establishing new safety standards and promoting efficiency in the industry, the bill aims to ensure the continued success and sustainability of freight rail as a vital component of the nation's transportation infrastructure.