118 S5008 IS: To amend the Internal Revenue Code of 1986 to modify the railroad track maintenance credit. U.S. Senate 2024-09-10 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II118th CONGRESS2d SessionS. 5008IN THE SENATE OF THE UNITED STATESSeptember 10, 2024Mr. Wyden (for himself and Mr. Crapo) introduced the following bill; which was read twice and referred to the Committee on FinanceA BILLTo amend the Internal Revenue Code of 1986 to modify the railroad track maintenance credit.

1.

Modification of railroad track maintenance credit

(a)

Increase in credit amount

(1)

In general

Section 45G(b)(1)(A) of the Internal Revenue Code of 1986 is amended by striking $3,500 and inserting $6,100.(2)

Inflation adjustment

Section 45G of such Code is amended by adding at the end the following new subsection:(f)

Inflation adjustment

(1)

In general

In the case of a taxable year beginning after 2025, the $6,100 amount in subsection (b)(1)(A) shall be increased by an amount equal to—(A)such dollar amount, multiplied by(B)the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting calendar year 2024 for calendar year 2016 in subparagraph (A)(ii) thereof.(2)

Rounding

Any increase determined under paragraph (1) which is not a multiple of $100 shall be rounded to the nearest multiple of $100..(b)

Qualified railroad track maintenance expenditures

Section 45G(d) of the Internal Revenue Code of 1986 is amended by striking January 1, 2015 and inserting January 1, 2024.(c)

Effective date

The amendments made by this section shall apply to expenditures paid or incurred in taxable years beginning after December 31, 2024.