US SB2758

Creates a 10% tax credit for freight railcar fleet modernization expenses, including the cost of newly built replacement railcars and qualified modernization expenditures

Limits the credit to no more than 1,000 qualified freight railcars per taxpayer per taxable year

Requires replacement railcars to replace two existing railcars that were in service within the prior 48 months and must be scrapped and permanently removed from the AAR Umler System

Qualified railcars must be built in facilities not owned or controlled by entities ineligible under federal transit contracting rules (targeting foreign state-owned enterprises)

Credit terminates three years after enactment, with a Treasury Department report due on program outcomes including railcars scrapped, contracted, and built