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The
bill, known as the “Freight Rail Assistance and Investment to
Launch Coronavirus-era Activity and Recovery Act” or the
“Freight RAILCAR Act,” will offer tax credits to encourage the
adoption of new, more efficient, environmentally-friendly
freight railcars. The legislation comes as demand for new
railcars has plummeted amid the COVID-19 pandemic and thousands
of workers have been laid off in response to increasingly dire
economic circumstances for the freight railcar manufacturing
industry.
“The Freight RAILCAR Act will spur job growth in the freight
rail manufacturing sector, creating opportunities to invest in
critical freight rail infrastructure, and strengthen our
transportation system as we work to recover from COVID-19,” said
Rep. LaHood. “I am proud to join my colleague from Illinois,
Rep. Schneider, to reintroduce our bill that will support
thousands of jobs in the United States.”
“Rail is integral to our state’s—and our nation’s—economy,” said
Rep. Schneider. “As this industry faces historic downturn amid
the current economic uncertainty, our legislation would help
modernize America’s fleet while spurring economic demand, on top
of environmental and public safety benefits.”
For decades, Illinois has been a major hub of the nation’s rail
network. Illinois is home to a significant rail affiliated
industry with:
More than $5 billion in annual economic value generated by rail
suppliers in Illinois
More than 9,400 employees working directly for rail supplies in
Illinois
Approximately half of these jobs are in the manufacturing,
construction, and industrial sector
This legislation would support industry companies like Progress
Rail in Danvers, Illinois
[Congressman Darin LaHood]
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