Hultgren co-sponsors tax-credit bill to help fund rail infrastructure
U.S. Rep. Randy Hultgren (R-IL) said on Monday that he is co-sponsoring the Short Line Railroad Rehabilitation and Investment Act of 2015.
H.R. 721 extends a tax credit of 50 cents for every dollar spent on track improvements, leveraging private-sector investment into Illinois and national infrastructure.
“Illinois is a hub for freight transportation, and improving our rail infrastructure is important for safety and upgrading the capacity of local freight railroads. But the current tax credit expired at the end of last year, hampering efforts to maintain and expand existing rail lines," Hultgren said. “Short-line railroads connect more than 10,000 customers across America to the national freight railroad network and are critical to preserving the first and last mile of track connecting factories, grain elevators, power plants and more. Extending the short-line tax credit encourages a private-sector solution to a public problem by maximizing private infrastructure investment in our local economies.”
The 14th Congressional District is serviced by Illinois Railway; Iowa, Chicago and Eastern Railroad; and Wisconsin and Southern Railroad. These short-line, or regional, railroads carry goods and raw materials to customers within the district.