Creates a temporary tax credit equal to 10% of qualifying freight railcar fleet modernization expenses to help pay for new or modernized freight railcars, subject to a per-taxpayer limit of 1,000 railcars and rules to prevent duplicate benefits. The credit applies to property placed in service and amounts paid or incurred after December 31, 2024, and the program sunsets three years after enactment.

Requires the Treasury Department to report within three years on program use and effects, including how many times the credit was claimed and counts of railcars scrapped, contracted, and built because of the credit.