[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 881 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                 S. 881

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 14, 2007

Mrs. Lincoln (for herself and Mr. Smith) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


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

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Short Line Railroad Investment Act 
of 2007''.

SEC. 2. EXTENSION AND MODIFICATION OF RAILROAD TRACK MAINTENANCE 
              CREDIT.

    (a) Extension.--
            (1) In general.--Subsection (d) of section 45G of the 
        Internal Revenue Code of 1986 (relating to qualified railroad 
        track maintenance expenditures) is amended by striking ``for 
        maintaining'' and all that follows and inserting ``for 
        maintaining--
                    ``(A) in the case of taxable years beginning after 
                December 31, 2004, and before January 1, 2008, railroad 
                track (including roadbed, bridges, and related track 
                structures) owned or leased as of January 1, 2005, by a 
                Class II or Class III railroad (determined without 
                regard to any consideration for such expenditures given 
                by the Class II or Class III railroad which made the 
                assignment of such track), and
                    ``(B) in the case of taxable years beginning after 
                December 31, 2007, and before January 1, 2011, railroad 
                track (including roadbed, bridges, and related track 
                structures) owned or leased as of January 1, 2007, by a 
                Class II or Class III railroad (determined without 
                regard to any consideration for such expenditures given 
                by the Class II or Class III railroad which made the 
                assignment of such track).''.
            (2) Conforming amendment.--Section 45G of such Code is 
        amended by striking subsection (f).
    (b) Coordination With Section 55.--Section 38(c)(4)(B) of the 
Internal Revenue Code of 1986 is amended by striking ``and'' at the end 
of clause (i), by striking the period at the end of clause (ii)(II) and 
inserting ``, and'', and by adding at the end the following new clause:
                            ``(iii) the credit determined under section 
                        45G.''.
    (c) Credit Limitation Adjustment.--Subparagraph (A) of section 
45G(b)(1) of the Internal Revenue Code of 1986 is amended by striking 
``$3,500'' and inserting ``$4,500''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2007.
                                 <all>