Bill > S1532

This bill modifies the railroad track maintenance credit in the Internal Revenue Code by increasing the credit amount from $3,500 to $6,100 per mile of railroad track owned or leased by the taxpayer. The bill also introduces an inflation adjustment mechanism for the credit amount, which will automatically increase the $6,100 figure annually based on the cost of living, starting in 2025. Any increase that is not a multiple of $100 will be rounded to the nearest $100. Additionally, the bill extends the period for qualifying railroad track maintenance expenditures from January 1, 2015, to January 1, 2024, which means railroad companies can claim this tax credit for track maintenance expenses incurred after that date. These changes are designed to provide more financial support to railroad companies for maintaining and improving their track infrastructure, with the credit amount being periodically adjusted to keep pace with economic changes. The modifications will apply to expenditures paid or incurred in tax years beginning after December 31, 2024.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/1532/all-info