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119th Congress Taxation

H.R. 516: To amend the Internal Revenue Code of 1986 to modify the railroad track maintenance credit.

Introduced

  1. Introduced (completed)Jan 16, 2025
  2. Passed House (not reached)
  3. Passed Senate (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Introduced in House, Jan 16, 2025

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

0 votes on this bill

No roll call votes have been held on this bill.

Amendments

0 offered

No amendments were offered to this bill.

Cosponsors

183

Bipartisan support.

Who scored on this bill

24 points earned
  1. 1Mike Kelly R-PA SponsorDrew cross-party cosponsors, introduced, reached a cosponsor milestone5 events+24
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Other bills by Mike Kelly

History

  1. Jan 16, 2025Introduced in the House by Mike Kelly.
Show the full action history (2 actions)
  1. Jan 16, 2025Introduced in House
  2. Jan 16, 2025Referred to the House Committee on Ways and Means.