Freight RAILCAR Act of 2023

Hozzl · 2024-03-14T04:05:42Z

Explore the details of House Bill 838 Freight RAILCAR Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

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.

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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

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

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Policy Area and Potential Impact of Bill HR 838

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 838

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the Internal Revenue Code of 1986 to provide a tax credit to encourage the replacement or modernization of inefficient, outdated freight railcars, and for other purposes.