Freight RAILCAR Act of 2022

Hozzl · 2022-12-30T00:18:39Z

Explore the details of House Bill 7902 Freight RAILCAR Act of 2022 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/30/2022, 12:18 AM

Summary of Bill HR 7902

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.

Congressional Summary of HR 7902

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.

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Current Status of Bill HR 7902

Bill HR 7902 is currently in the status of Bill Introduced since May 27, 2022. Bill HR 7902 was introduced during Congress 117 and was introduced to the House on May 27, 2022. Bill HR 7902's most recent activity was Referred to the House Committee on Ways and Means. as of May 27, 2022

Bipartisan Support of Bill HR 7902

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 7902

Primary Policy Focus

Taxation

Potential Impact Areas

- Business expenses

- Congressional oversight

- Energy efficiency and conservation

- Income tax credits

- Manufacturing

- Railroads

- Transportation safety and security

Alternate Title(s) of Bill HR 7902

Freight RAILCAR Act of 2022

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

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.