To amend the Internal Revenue Code of 1986 to modify the railroad track maintenance credit.

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.

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Timeline

1. 16 January 2025

   Introduced

   Introduced in House

   Source: IntroReferral

2. 16 January 2025

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

3. 16 January 2025

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

2 official files

• Introduced in House

  Introduced in House · EN · 16 January 2025

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 16 January 2025

  Open at official source

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Sponsors

• Rep. Kelly, Mike [R-PA-16] · R · Sponsor
• Rep. Thompson, Mike [D-CA-4] · D · Sponsor
• Rep. Moolenaar, John R. [R-MI-2] · R · Cosponsor
• Rep. Allen, Rick W. [R-GA-12] · R · Cosponsor
• Rep. Tenney, Claudia [R-NY-24] · R · Cosponsor
• Dusty Johnson · R · Cosponsor
• Rep. Smith, Christopher H. [R-NJ-4] · R · Cosponsor
• Rep. Yakym, Rudy [R-IN-2] · R · Cosponsor
• Rep. Brownley, Julia [D-CA-26] · D · Cosponsor
• Rep. LaHood, Darin [R-IL-16] · R · Cosponsor
• Rep. Cherfilus-McCormick, Sheila [D-FL-20] · D · Cosponsor
• Rep. Nehls, Troy E. [R-TX-22] · R · Cosponsor
• Rep. Gonzalez, Vicente [D-TX-34] · D · Cosponsor
• Rep. Hudson, Richard [R-NC-8] · R · Cosponsor
• Rep. Thompson, Bennie G. [D-MS-2] · D · Cosponsor
• Rep. Bost, Mike [R-IL-12] · R · Cosponsor
• Rep. Biggs, Sheri [R-SC-3] · R · Cosponsor
• Rep. Kelly, Trent [R-MS-1] · R · Cosponsor
• Rep. Carter, Troy A. [D-LA-2] · D · Cosponsor
• Rep. Guest, Michael [R-MS-3] · R · Cosponsor
• Rep. Owens, Burgess [R-UT-4] · R · Cosponsor
• Rep. Vasquez, Gabe [D-NM-2] · D · Cosponsor
• Rep. Moulton, Seth [D-MA-6] · D · Cosponsor
• Rep. Moore, Blake D. [R-UT-1] · R · Cosponsor
• Rep. Thompson, Glenn [R-PA-15] · R · Cosponsor
• Rep. Davis, Danny K. [D-IL-7] · D · Cosponsor
• Rep. Mann, Tracey [R-KS-1] · R · Cosponsor
• Rep. Shreve, Jefferson [R-IN-6] · R · Cosponsor
• Rep. Westerman, Bruce [R-AR-4] · R · Cosponsor
• Rep. Comer, James [R-KY-1] · R · Cosponsor
• Rep. Cleaver, Emanuel [D-MO-5] · D · Cosponsor
• Rep. Schmidt, Derek [R-KS-2] · R · Cosponsor
• Rep. Baumgartner, Michael [R-WA-5] · R · Cosponsor
• Celeste Maloy · R · Cosponsor
• Rep. Moore, Tim [R-NC-14] · R · Cosponsor
• Rep. Morrison, Kelly [D-MN-3] · D · Cosponsor
• Rep. Bergman, Jack [R-MI-1] · R · Cosponsor
• Rep. Riley, Josh [D-NY-19] · D · Cosponsor
• Rep. Miller, Carol D. [R-WV-1] · R · Cosponsor
• Rep. Scott, Austin [R-GA-8] · R · Cosponsor
• Rep. Webster, Daniel [R-FL-11] · R · Cosponsor
• Rep. Hill, J. French [R-AR-2] · R · Cosponsor
• Rep. Suozzi, Thomas R. [D-NY-3] · D · Cosponsor
• Rep. Estes, Ron [R-KS-4] · R · Cosponsor
• Rep. Crawford, Eric A. "Rick" [R-AR-1] · R · Cosponsor
• Rep. Gillen, Laura [D-NY-4] · D · Cosponsor
• Rep. McCollum, Betty [D-MN-4] · D · Cosponsor
• Rep. Bean, Aaron [R-FL-4] · R · Cosponsor

Showing 48 of 181 sponsors and actors.

Related records

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