118th Congress Taxation
S. 5008: To amend the Internal Revenue Code of 1986 to modify the railroad track maintenance credit
A bill to amend the Internal Revenue Code of 1986 to modify the railroad track maintenance credit.
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill increases the annual limit on the tax credit for qualified railroad track maintenance expenses (also referred to as the short line railroad tax credit) and expands eligibility for claiming the credit.
Under current law, the tax credit is limited each tax year to $3,500 multiplied by the sum of the number of miles of railroad track owned or leased by the taxpayer (miles owned or leased) and the number of railroad track miles assigned to the taxpayer by a Class II or III railroad (miles assigned). This bill increases the annual limit to $6,100 multiplied by the sum of miles owned or leased and miles assigned. The $6,100 amount used in the calculation of the tax credit limit is adjusted for inflation for tax years beginning after 2025.
The bill also expands eligibility for the tax credit to include gross expenses for maintaining railroad tracks owned or leased as of January 1, 2024. Under current law, the tax credit is limited to gross expenses for maintaining railroad tracks owned or leased as of January 1, 2015.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Michael Crapo R-IDOriginal
- Cindy Hyde-Smith R-MS
- Jerry Moran R-KS
- John Thune R-SD
- Kevin Cramer R-ND
- Roger Wicker R-MS
- Ted Budd R-NC
Who scored on this bill
- 1Ron Wyden SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Ron Wyden
- S. 2015: National Prescribed Fire Act of 2025
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- S.J.Res. 145: Disapproval of Bureau of Consumer Financial Protection relating to the withdrawal of the rule rule: Fair Credit Reporting; Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports
- S.J.Res. 95: Disapproval of Internal Revenue Service rule: Interim Guidance Simplifying Application of the Corporate Alternative Minimum Tax to Partnerships
- S.J.Res. 88: Terminating the national emergency declared to impose global tariffs
History
- Introduced in the Senate by Ron Wyden.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Finance.