President Obama signs legislation extending shortline tax credit extension and enacting omnibus spending bill

Written by Mischa Wanek-Libman, editor

President Obama signed two key pieces of legislation last week that will impact the rail industry.

 

The first, was Consolidated and Further Continuing Appropriations Act, 2015, commonly referred to as the omnibus spending bill, which President Obama signed on Dec. 16. The bill will keep the federal government operating through the end of fiscal year 2015 and includes funding for the Department of Transportation.

RT&S reported on how rail fares in the spending bill on Dec. 11.

The second piece of legislation President Obama signed was The Tax Increase Prevention Act of 2014, which prevents many tax incentives from expiring, including the 45G shortline tax credit.

The shortline tax credit is now active through 2014 and will expire January 1, 2015. 

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