Transportation Market Recap, May 2023

The May 2023 Transportation Market Recap is a recap of some of the most interesting and useful transit industry news from the previous month. It contains updates on industry drivers, notable projects, and recent mergers and acquisitions, as well as some interesting reads, and upcoming meetings and conferences.

To learn more about how we are helping transportation industry leaders find new opportunities in their market of interest, schedule a market opportunity workshop.

Industry Drivers

Our data team tracks new and updated industry drivers. Here are some recent drivers we have been following in May:

Colorado HB 23-1272 - Tax Policy That Advances Decarbonization

Status: Effective

Organization: Colorado State Legislature

Summary: On May 11, 2023, the Colorado General Assembly signed HB 23-1272 into law, which aims to advance decarbonization in the state by providing various tax incentives for clean energy and transportation. Some of the key provisions of the act are:

• Extending the state tax credit for purchasing or leasing electric vehicles (EVs) until 2030 and increasing the credit amount for electric medium and heavy-duty trucks.
• Creating a new statewide point-of-sale incentive for electric bicycles, which can reduce up to $500 from the purchase price.
• Expanding tax credits for in-home heat pumps, which can replace fossil fuel-based heating and cooling systems with more efficient and renewable alternatives.
• Creating tax credits for industrial facilities to implement greenhouse gas (GHG) emissions reduction improvements, geothermal energy projects, geothermal electricity generation, and sustainable aviation fuel production facilities.
• Temporarily decreasing the severance tax credit for oil and gas production and creating a decarbonization tax credits administration cash fund to finance the tax incentives.

This bill is expected to help Colorado achieve its GHG emissions reduction goals and transition to a clean energy economy. The bill also supports local businesses and clean energy and transportation jobs.

Click Here for More Information

What We Are Reading

Here are some recent articles our team has been reading:

• FTA awards more than $700 million to six agencies for rail car replacement
• MTA, city of New York investing $500 million in area around Broadway Junction subway station
• U.S. Transportation Secretary Buttigieg Joins Canadian Minister of Transport Alghabra, Michigan Governor Whitmer and Mayor Duggan to Announce the First U.S.-Canada Electric Vehicle Corridor
• DOE Announces $187 Million to Ensure Widespread And Accelerated Electrification of America’s Transportation Sector
• Biden-Harris Administration Invests $251 Million to Expand Infrastructure to Support CO2 Transport and Storage
• Biden-Harris Administration Announces More Than $700 Million in Grants to Replace Aging Passenger Railcars in Six Transit Systems
• FTA issues NOFO for $220 million to support or modernize passenger ferry service
• TriMet Board of Directors adopt FY2024 budget
• $400M for low-emission school buses available from EPA grant program

Meeting Planner

In this over-digitized age, there is no replacement for face-to-face meetings with your prospects and customers! We track meetings of interest to our customers serving the U.S. transit industry so you won’t miss upcoming meetings and deadlines. Additionally, FirmoGraphs has recently implemented a free-of-charge service for tracking notable infrastructure events. 

Meetings in June and July 2023