S. 881Senate110th Congress (2007-2009)In Committee

Short Line Railroad Investment Act of 2007

Introduced March 14, 2007

Legislative Activity

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SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3136)

March 14, 2007

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SenateIntro Referral

Introduced in Senate

March 14, 2007

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3136)

March 14, 2007

Floor Debate

10 members

What members said about S. 881 on the floor

1 Republican9 Democrats
Herb Kohl
Sen. Herb KohlD-WI · Mar 14, 2007

Mr. President, I rise today to introduce the Oil Industry Merger Antitrust Enforcement Act. This legislation will significantly strengthen the antitrust laws to prevent anti-competitive mergers and…

Robert Menendez
Sen. Robert MenendezD-NJ · Mar 14, 2007

Mr. President, since the March 2003 start of the Iraq war, more than 24,042 members of our Nation's armed forces have been injured, more than 10,685 of them too severely to be returned to action. I…

Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Mar 14, 2007

Mr. President. I rise today with Senator Voinovich to introduce legislation that would expand the Federal student loan forgiveness program to include Head Start teachers. Nationwide, only 31 percent…

John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · Mar 14, 2007

Mr. President, one of the key components to success in our classrooms is a qualified teacher. One of the provisions of the No Child Left Behind Act mandates the hiring of qualified teachers by every…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Mar 14, 2007

Mr. President, I rise today with my colleague from Vermont, Senator Leahy, to introduce a bill that would restore the American people's access to Presidential papers. This bill is the companion to…

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Byron L. Dorgan
Sen. Byron L. DorganD-ND · Mar 14, 2007

Mr. President, today I am pleased to be joined by Senator Craig to introduce legislation called the Security and Fuel Efficiency Act of 2007 or SAFE Energy Act. This legislation is a balanced plan…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Mar 14, 2007

Mr. President, I am pleased to join Senator Kohl, the chairman of the Subcommittee on Antitrust and Competition Policy, by cosponsoring once again the No Oil Producing and Exporting Cartels, NOPEC,…

Gordon H. Smith
Sen. Gordon H. SmithR-OR · Mar 14, 2007

Mr. President. I rise today with my colleague Senator Lincoln of Arkansas to introduce the Short Line Railroad Investment Act of 2007. More than 500 short line railroads operate nationally, serving…

Gordon H. Smith
Sen. Gordon H. SmithR-OR · Mar 14, 2007

Mr. President. I rise today with my colleague Senator Lincoln of Arkansas to introduce the Short Line Railroad Investment Act of 2007. More than 500 short line railroads operate nationally, serving…

Blanche L. Lincoln
Sen. Blanche L. LincolnD-AR · Mar 14, 2007

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Mar 14, 2007

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Blanche L. Lincoln
Sen. Blanche L. LincolnD-AR · Mar 14, 2007

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Bill Text

Latest available legislative text

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Introduced in SenateIssued March 14, 2007

II

110th CONGRESS

1st Session

S. 881

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.

1.

Short title

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

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.