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Legislation to prompt rail firms to phase out older oil tanker cars

Legislation to give railroad companies incentives to phase out older, dangerous oil tank cars to protect communities when such rail cars speed through their backyards, is being co-sponsored by Sen. Charles E. Schumer, D, N.Y., his office announced Thursday.

The proposed legislation would impose a $175 fee each time an older-version tank car is shipped on the rails and the per-use fee would increase annually. The Legislation would also provide tax credits to rail companies upgrading their tank cars to the highest required safety standards within three years if the legislation is signed into law.