UPDATE: “Knock, knock.” Seriously, if you’re awaiting a “Who’s there?” response from many railroad-important federal agencies, you ain’t gonna get one, because, quite literally, there’s nobody there.
The regional and short line railroad investment tax credit (known as 45G for its provision in the Internal Revenue Code) was signed into law by President Trump following its unexpected insertion into the massive two-year Bipartisan Budget Act of 2018 passed in the predawn hours Friday, Feb. 9, by the House and Senate.
American Short Line and Regional Railroad Association (ASLRRA) President Linda Bauer Darr on Oct. 4 testified before the House Committee on Transportation and Infrastructure, Subcommittee on Railroads, Pipelines, and Hazardous Materials in support of the infrastructure needs of Class II and III railroads.
The Trump Administration on April 26 released a proposed overhaul of the federal income tax system that promises to simplify the tax structure as well as reduce the rate at which large corporations are taxed to 15%.
On Oct. 15, 2015, U.S. Congressman Donald Norcross (D-NJ-01) joined National Railroad Construction & Maintenance Association (NRC) member—the Railroad Construction Co. of South Jersey (RCCSJ)—for a tour of its facility and project at the Port of Paulsboro.
The Senate Finance Committee on July 21, 2015 met to debate S. 637, legislation put forward by Chairman Orrin Hatch (R-Utah) to extend expiring tax credits, including the Section 45G Short Line Tax Rehabilitation railroad track maintenance credit. 45G has been publically endorsed by 38 Senators who have cosponsored S. 637, a bill by Sens. Mike Crapo (R-Idaho) and Ron Wyden (D-Ore.) to extend the credit.
U.S. Senate approval Tuesday, Dec. 16, 2014, of 45-G, by a 76-to-16 vote, has assured passage of the measure, part of H.R. 5771, The Tax Increase Prevention Act of 2014, and providing a fiscal boost to freight railroads, particularly short line and regional operations.
