74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
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 LC 1238
 
                     House Joint Memorial 1
 
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
  Presession filed (at the request of House Interim Committee on
  Economic Development)
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
 
  Urges Congress to pass Freight Rail Infrastructure Capacity
Expansion Act of 2006.
 
                         JOINT MEMORIAL
To the President of the United States and the Senate and the
  House of Representatives of the United States of America, in
  Congress assembled:
  We, your memorialists, the Seventy-fourth Legislative Assembly
of the State of Oregon, in legislative session assembled,
respectfully represent as follows:
  Whereas in the 1970s about one-fourth of our nation's railroads
went into bankruptcy; and
  Whereas the Staggers Rail Act of 1980 released railroads from
government regulation and helped attract billions of dollars in
new private capital investment; and
  Whereas, more than 26 years after passage of the Staggers Rail
Act of 1980, railroads have reached current capacity; and
  Whereas in 2006 the population of the United States surpassed
300 million people and is expected to reach 400 million people
within 30 years; and
  Whereas the American economy depends on the efficient movement
of people and goods; and
  Whereas the lack of rail freight capacity in some states
results in additional truck traffic on the nation's interstate
highways; and
  Whereas railroads spend $10 billion to $12 billion each year to
repair and maintain railroad infrastructure and equipment; and
  Whereas in 2006 Class I railroads spent $8.3 billion laying new
track, buying new equipment and improving infrastructure; and
  Whereas the United States Department of Transportation
estimates that freight traffic will grow by 67 percent between
2000 and 2020; and
  Whereas the Freight Rail Infrastructure Capacity Expansion Act
of 2006 would provide a 25 percent tax credit for investment in
new freight rail infrastructure, including new track, intermodal
facilities and new locomotives; and
  Whereas the Freight Rail Infrastructure Capacity Expansion Act
of 2006 would permit rail infrastructure investments to be
expensed, or completely deducted in the year the investment is
made, instead of the current method of depreciating the
investment over multiple years; and
  Whereas the combination of a tax credit for some freight rail
investments and expensing for the balance of freight rail
investments will encourage the nation's freight rail industry,
including Class I railroads, short line railroads and shippers,
to increase its capacity to meet the growing demand for freight
rail transportation; now, therefore,
Be It Resolved by the Legislative Assembly of the State of
  Oregon:
  (1) The Congress of the United States is respectfully urged to
pass the Freight Rail Infrastructure Capacity Expansion Act of
2006.
  (2) A copy of this memorial shall be sent to the President of
the United States, to the Senate Majority Leader, to the Speaker
of the House of Representatives and to each member of the Oregon
Congressional Delegation.
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