119th Congress Taxation
S. 1532: 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
- Ron Wyden D-OROriginal
- John Thune R-SD
- Kevin Cramer R-ND
- Jerry Moran R-KS
- Roger Wicker R-MS
- James Risch R-ID
- Cindy Hyde-Smith R-MS
- Roger Marshall R-KS
- Margaret Hassan D-NH
- Deb Fischer R-NE
- Dan Sullivan R-AK
- Tom Cotton R-AR
- Raphael Warnock D-GA
- John Boozman R-AR
- John Hoeven R-ND
- Mike Rounds R-SD
- Martin Heinrich D-NM
- Amy Klobuchar D-MN
- Tim Scott R-SC
- Jon Husted R-OH
- Michael Bennet D-CO
- Shelley Capito R-WV
- Christopher Coons D-DE
- Ben Luján D-NM
- Ted Budd R-NC
- Jon Ossoff D-GA
- Todd Young R-IN
- Steve Daines R-MT
- Ruben Gallego D-AZ
- Thom Tillis R-NC
- Jim Justice R-WV
- Angus King I-ME
- Chris Van Hollen D-MD
- Peter Welch D-VT
- Markwayne Mullin R-OK
- Lisa Blunt Rochester D-DE
- Tina Smith D-MN
- Charles Schumer D-NY
- Bernie Moreno R-OH
- Lindsey Graham R-SC
- Katie Britt R-AL
- Dave McCormick R-PA
- Tim Sheehy R-MT
- Richard Blumenthal D-CT
- Mitch McConnell R-KY
- Lisa Murkowski R-AK
- Angela Alsobrooks D-MD
- Mark Warner D-VA
Who scored on this bill
- 1Michael Crapo SponsorDrew cross-party cosponsors, introduced, reached a cosponsor milestone3 events+12
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Other bills by Michael Crapo
History
- Introduced in the Senate by Michael Crapo.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Finance.