45G tax credit

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45G gains ground in Senate

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.

45 G tax credit extended through 2014

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.