To amend the Internal Revenue Code of 1986 to modify the railroad track maintenance credit.
Take action
Record your position on this measure.
Create an account to record your position, submit testimony, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill changes the railroad track maintenance credit, which is designed to encourage investment in rail infrastructure. It increases the maximum amount of the credit that can be claimed each year from $3,500 to $6,100. The bill also expands the timeframe for qualifying expenses, allowing businesses to claim the credit for expenses incurred as of January 1, 2024, rather than January 1, 2015.
Key provisions
- Increases the annual credit limit from $3,500 to $6,100.
- Expands the eligible date for qualifying expenses to January 1, 2024.
- Includes an inflation adjustment to the credit limit starting in 2026.
- Modifies Section 45G(b)(1)(A) of the Internal Revenue Code.
- Modifies Section 45G(d) of the Internal Revenue Code.
Who is affected
- Railroad companies
- Short line railroads
- Taxpayers
- Transportation industry
- Small businesses
Notable changes
- Increases the maximum credit amount.
- Expands the eligible date for qualifying expenses.
- Introduces an inflation adjustment to the credit limit.
Bill text
Read the latest version inline or switch to a previous version.
Text extraction is in progress. View the official source.
Sponsors
Official sponsors from legislative records.
182 on record
Primary sponsor
Cosponsors
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours