This bill changes the tax credit for railroad track maintenance. It increases the credit amount in section 45G(b)(1)(A) from $3,500 to $6,100. It adds an inflation adjustment for the $6,100 amount for taxable years beginning after 2025, using the cost-of-living adjustment and rounding any increase to the nearest $100. The bill also amends section 45G(d) by replacing the date "January 1, 2015" with "January 1, 2024" for qualified railroad track maintenance expenditures. The changes apply to expenditures paid or incurred in taxable years beginning after December 31, 2024.
If you or your business claim the railroad track maintenance tax credit, the per-unit credit amount in the tax code would be higher under this bill. The credit amount would be adjusted for inflation starting after 2025. The change of the effective date for qualified expenditures may change which maintenance work qualifies. The bill becomes effective for tax years beginning after December 31, 2024.
No publicly available information on the bill's effect on federal revenues or costs.
No publicly available information.
No publicly available information.