WASHINGTON, D.C. (WTWO/WAWV)— Senator Jim Banks (R-Ind.) and Chris Coons (D-Del.) introduced a new act focused on revitalizing the United States' railcars.

According to the release from Senator Banks' Office, the two senators introduced the Freight Rail Assets Investment to Launch Commercial Activity Revitalization (Freight RAILCAR) Act earlier this week. The bipartisan bill aims to create a temporary three-year 10% investment tax credit to modernize America's railcar fleet. It will also incentivize private companies to retire old and less efficient cars, as well as better position America's industry to address the supply train constraints and support U.S. manufacturing jobs.

The credit will be limited to 1,000 new freight cars per company each year. The credit for these cars will also b

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