HR 7902 117th Congress House Taxation Business expenses Congressional oversight Energy efficiency and conservation Income tax credits Manufacturing Railroads Transportation safety and security

Freight RAILCAR Act of 2022

Introduced: May 27, 2022 Introduced by: Schneider, Bradley Scott Democratic · Illinois See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 27, 2022

Referred to the House Committee on Ways and Means.

May 27, 2022

Introduced in House

Plain-English summary Congressional Research Service

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.

What's happening now May 27, 2022

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1