Senate committee supports short-line tax credit
U.S. Sen. Charles Schumer (D-N.Y.) yesterday announced that an effort to extend the short-line tax credit for two years cleared a first big hurdle by passing out of the Senate Committee on Finance as a part of the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act, which would reinstate a package of expired tax provisions.
Schumer now is urging the full Senate to quickly take up and pass the entire EXPIRE Act package. If extended until 2016, the tax credit – which expired on Dec. 31 – would fund capital improvement projects along New York’s short-line railways, such as pending infrastructure upgrades proposed by the New York Susquehanna and Western Railway, Saratoga and North Creek Railroad, and Finger Lakes Railway, the senator said in a press release.
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