A 25 percent federal tax credit may be approved for businesses, including trucking companies, investing in new rail track, intermodal facilities, rail yards, locomotives, or other rail infrastructure expansion projects, according to information from the Association of American Railroads (AAR).
The bill introduced in the Senate July 26 is designed to help expand freight rail capacity and begin to prepare the nation’s transportation infrastructure for the coming surge in freight traffic, predicted to increase 67 percent in the next 15 years, AAR said.
Railroads, ports, shippers, as well as trucking companies and other transportation-related businesses would be eligible for the credit.