COOPERSTOWN — A proposed federal law would restore and extend a tax credit for short-line railroads to target infrastructure-improvement projects through 2016. U.S. Senator Charles Schumer (D–N.Y.) launched his push for the “Short Line Railroad Rehabilitation and Investment Act” during a Thursday appearance at the New York Susquehanna and Western Railway (NYSW) headquarters in Cooperstown. […]
COOPERSTOWN — A proposed federal law would restore and extend a tax credit for short-line railroads to target infrastructure-improvement projects through 2016.
U.S. Senator Charles Schumer (D–N.Y.) launched his push for the “Short Line Railroad Rehabilitation and Investment Act” during a Thursday appearance at the New York Susquehanna and Western Railway (NYSW) headquarters in Cooperstown.
The short-line rail tax credit expired on Jan. 1, but Schumer’s bill would restore the credit and extend it through 2016.
The tax credit is valued at 50 percent of the cost of track maintenance and improvements, up to $3,500 per mile.
The NYSW has already benefitted to the tune of more than $7 million from this tax credit and is looking to maintain and upgrade rail infrastructure to keep shipments running quickly and safely, according to a news release from Schumer’s office.
Schumer’s bill would allow the NYSW to undertake an additional $2.5 million to $3 million in infrastructure improvements over the next two years.
The NYSW is an arterial route for 85 New York businesses that ship their products to the Port of New York for export, especially agricultural businesses transporting commodities such as lumber, feed ingredients, and motor vehicles, according to the news release.
The NYSW is “particularly important” to the transportation of grains from Upstate New York’s grain producers to the Port of New York, where they are then shipped around the world, Schumer’s office said.
Contact Reinhardt at ereinhardt@cnybj.com
