A bill to amend the Internal Revenue Code of 1986 to modify the railroad track maintenance credit.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- 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 annual credit amount from $3,500 to $6,100, based on the number of railroad tracks owned or leased. 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 2015. Finally, it includes an inflation adjustment to the credit amount starting in 2026.
Key provisions
- Increases the annual railroad track maintenance credit limit to $6,100.
- Expands the eligible date for qualifying expenses to January 1, 2024.
- Includes an inflation adjustment to the credit amount starting in 2026.
- Modifies Section 45G(b)(1)(A) of the Internal Revenue Code.
- Modifies Section 45G of the Internal Revenue Code to include an inflation adjustment.
- Modifies Section 45G(d) of the Internal Revenue Code.
Who is affected
- Railroad companies
- Short line railroads
- Taxpayers
- Transportation industry
Notable changes
- Increases the credit amount from $3,500 to $6,100.
- Expands the eligible date for expenses from January 1, 2015, to January 1, 2024.
- Introduces an inflation adjustment to the credit amount.
Bill text
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