Short-line tax credits still stalled in the Senate
The U.S. Senate didn't bring a "tax extenders" bill to a vote before entering recess last week. So, Section 45G - or the short-line tax credit legislation - will have to wait until after Labor Day before the Senate returns to action and reconsiders the bill, according to a legislative update included in the American Short Line and Regional Railroad Association's (ASLRRA) latest newsletter.For several months, the Senate has considered the tax extenders bill, which in addition to the short-line tax credit includes dozens of expired provisions, ranging from wind and solar energy tax credits to a research and development tax credit to tax accounting standards for NASCAR racetracks. ASLRRA lobbyists are seeking a one- or two-year extension for the tax credits.Under Senate procedures, 60 votes are required to consider legislation, while a simple majority is required to pass legislation. The tax extenders bill has been five to seven votes shy of 60 since October, according to the ASLRRA."The major barrier facing this legislation is an ideological dispute between Republicans and Democrats dealing with how changes in tax law are paid for - usually with tax increases elsewhere," the ASLRRA news item states. "The inclusion of tax credits for renewable energy have tied the extenders package to the heated debate on increased domestic oil production offshore and in Alaska, which has served as an additional drag on the effort to secure 60 votes."
From Progressive Railroading
Full article at: http://www.progressiverailroading.com/news/article.asp?id=17546
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