news

45G permanence inches closer

On Feb. 11, HR 510, which calls for permanence of the 45G short line tax credit, formally received its 100th co-sponsor. The bill, introduced Jan. 11 by Reps. Earl Blumenauer (D-Ore.) and Mike Kelly (R-Pa.), “has rapidly garnered significant bi-partisan support, as it has every Congress since the credit was introduced in 2004,” said the American Short Line and Regional Railroad Association (ASLRRA). “House support for this legislation is growing at a record pace, with 106 co-sponsors in just four weeks.”

Virgin Trains USA scuttles IPO

Miami-based Virgin Trains USA LLC, previously known as Brightline before it rebranded itself following a 2018 partnership forged with Virgin Enterprises Ltd. and founder Richard Branson, has canceled issuing the IPO scheduled for the week of Feb. 11, saying it will pursue other fundraising options. No indication was given whether it will reconsider an IPO in the near future.

Newsom squashes California HSR full build-out

California Gov. Gavin Newsom, citing budget pressures, says the state will not move forward with plans to connect Los Angeles and San Francisco by high-speed rail. Rather, Newsom said the state will build only the 119-mile Central Valley segment of the line, linking Merced and Bakersfield. Newsom’s remarks, made during his first State of the State address Feb. 12, were not widely expected.