Book Description

Excerpt from Description of Revenue Provisions of H. R. 1930 and Background Relating to Proposed Transfer of Conrail to Norfolk Southern Corporation: Scheduled for a Hearing Before the Committee on Ways and Means on May 1, 1985 Between 1967 and 1973, eight railroads operating in the North east and Midwest entered into bankruptcy proceedings. In response to this situation, Congress enacted the Regional Rail Reorganiza tion Act of 1973 3 3r The 197 3 3r Act established the United States Railway Association a nonprofit govern ment corporation organized under the laws of the District of Co lumbia which is statutorily exempt from income taxes. Usra was charged with formulating a plan (referred to as the final system plan) to restructure the bankrupt railroads into a financially self sustaining rail service system. Usra recommended a final system plan that provided for the transfer of rail properties owned by seven bankrupt railroads to the Consolidated Rail Corporation The Rail Revitalization and Regulatory Reform Act of 1976 6 4r Act) amended the 1973 3r Act to provide for the implementation of the final system plan.2 The Northeast Rail Serv ice Act of 1981 (referred to as nersa) amended the 197 3 SR Act to provide for the transfer of Conrail common stock to the Federal Government, as well as a plan for the sale of the Federal Govern ment's interest in Conrail.3 Under nersa, the Secretary of the Department of Transportation is charged with disposing of the Federal Government's common stock interest in Conrail. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.