Statement on Intercity Passenger Rail Bonding Authority
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- Written by Ross Capon
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Statement of Ross B. Capon
Executive Director
National Association of Railroad Passengers
On Senate Finance Committee Approval of Intercity Passenger Rail Bonding Authority
September 21, 2007
“NARP applauds the approval by voice vote this morning of $900 million in annual bonding authority for states for intercity passenger rail capital projects as part of the American Infrastructure Investment and Improvement Act.
“The rail provision would be the first dedicated, multi-year federal financing assistance for intercity passenger rail investment by states. It covers calendar years 2008, 2009 and 2010 and lets states issue bonds where bondholders are entitled to an annual credit towards the federal tax liability, in lieu of interest payments from bond issue.
“This is an important first step towards addressing the needs of the traveling and voting public, who in poll after poll have said they want more passenger trains, and who in referenda and elections have approved rail passenger investments. Senators Kerry and Lott are to be commended for proposing and advancing this measure.”
About NARP
NARP is the largest national membership advocacy organization for train and rail transit passengers. We have worked since 1967 to expand the quality and quantity of passenger rail in the U.S. Our mission is to work towards a modern, customer-focused national passenger train network that provides a travel choice Americans want. Our work is supported by over 23,000 individual members.