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Freight RAILCAR Act of 2023
3/14/2024, 4:05 AM
Congressional Summary of HR 838
Freight Rail Assistance and Investment to Launch Coronavirus-Era Activity and Recovery Act of 2023 or the Freight RAILCAR Act of 2023
This bill provides a new tax credit through 2025 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.
Read the Full Bill
Current Status of Bill HR 838
Bill HR 838 is currently in the status of Bill Introduced since February 6, 2023. Bill HR 838 was introduced during Congress 118 and was introduced to the House on February 6, 2023. Bill HR 838's most recent activity was Referred to the House Committee on Ways and Means. as of February 6, 2023
Bipartisan Support of Bill HR 838
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
58Democrat Cosponsors
18Republican Cosponsors
40Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 838
Primary Policy Focus
TaxationAlternate Title(s) of Bill HR 838
Freight RAILCAR Act of 2023
Freight RAILCAR Act of 2023
Freight Rail Assistance and Investment to Launch Coronavirus-era Activity and Recovery Act of 2023
To amend the Internal Revenue Code of 1986 to provide a tax credit to encourage the replacement or modernization of inefficient, outdated freight railcars, and for other purposes.
Comments
Sponsors and Cosponsors of HR 838
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