S. 2081Senate111th Congress (2009-2011)In Committee

Locomotive Fleet Investment Act of 2009

Introduced October 29, 2009

Legislative Activity

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SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

October 29, 2009

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SenateIntro Referral

Introduced in Senate

October 29, 2009

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S10927)

October 29, 2009

SenateIntro Referral

Read twice and referred to the Committee on Finance.

October 29, 2009

Floor Debate

8 members

What members said about S. 2081 on the floor

3 Republicans5 Democrats
Christopher S. Bond
Sen. Christopher S. BondR-MO · Oct 29, 2009

Mr. President, our intelligence community should never be forced to question whether our priority is protecting America's safety or protecting the privacy of terrorists. This bill makes clear to…

Jeff Sessions
Sen. Jeff SessionsR-AL · Oct 29, 2009

Mr. President, I sent to the desk earlier legislation that is cosponsored by myself and Senator Joe Lieberman and Senator Kit Bond. In essence, it reauthorizes certain provisions of the PATRIOT Act…

Mark Udall
Sen. Mark UdallD-CO · Oct 29, 2009

Mr. President, I rise to speak about the role nuclear energy can play in moving our country toward a more secure energy future. For some, news that a Udall is speaking favorably about nuclear power…

Joseph I. Lieberman
Sen. Joseph I. LiebermanD-CT · Oct 29, 2009

I am very proud to rise today to join with Senator Sessions, my friend from Alabama, in introducing this legislation to reauthorize provisions of the PATRIOT Act that will expire at the end of the…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Oct 29, 2009

Mr. President. I rise to introduce the National Women's History Museum Act of 2009, a bill that would clear the way to locate a long-overdue historical and educational resource in our nation's…

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Arlen Specter
Sen. Arlen SpecterD-PA · Oct 29, 2009

Mr. President, I have sought recognition to describe legislation I have introduced that will help businesses, sustain and create jobs, spur economic development for a struggling industry and benefit…

Arlen Specter
Sen. Arlen SpecterD-PA · Oct 29, 2009

Mr. President, I have sought recognition to describe legislation I have introduced that will help businesses, sustain and create jobs, spur economic development for a struggling industry and benefit…

Barbara A. Mikulski
Sen. Barbara A. MikulskiD-MD · Oct 29, 2009

Mr. President, I rise today to reintroduce the National Great Black Americans Commemoration Act. I am proud to sponsor this legislation along with Senator Cardin. African Americans have a rich…

Tom Harkin
Sen. Tom HarkinD-IA · Oct 29, 2009

Mr. President, the legislation I am introducing would suspend temporarily, through the end of 2011, the import duty on ortho- toluidine, a chemical compound used by several U.S. companies in…

Bill Text

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Introduced in SenateIssued October 29, 2009

II

111th CONGRESS

1st Session

S. 2081

IN THE SENATE OF THE UNITED STATES

October 29, 2009

Mr. Specter (for himself and Mr. Casey) 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 accelerate locomotive fuel savings nationwide and provide incentives for owners of high polluting locomotives to replace such locomotives with newly built or newly remanufactured fuel efficient and less polluting locomotives.

1.

Short title

This Act may be cited as the Locomotive Fleet Investment Act of 2009.

2.

Credit for locomotive property

(a)

In general

Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to business-related credits) is amended by adding at the end the following new section:

45R.

Locomotive property credit

(a)

General rule

For purposes of section 38, the locomotive property credit determined under this section for the taxable year is an amount equal to 30 percent of the cost of the qualified locomotive property placed in service by the taxpayer during the taxable year.

(b)

Qualified Locomotive Property

For purposes of this section, the term qualified locomotive property means any newly built or newly remanufactured diesel line-haul, passenger, or switch locomotive (whether or not owned by a railroad)—

(1)

which is acquired by the taxpayer after December 31, 2009,

(2)

the original use of which commences with the taxpayer, and

(3)

meets the applicable standards under title II of the Clean Air Act (42 U.S.C. 7401 et seq.) for emissions from locomotives or locomotive engines, as in effect on December 31, 2009.

(c)

Special Rules

(1)

Coordination with other credits

The cost of any property taken into account in determining the credit under subsection (a) may not be taken into account in determining a credit under any other provision of this title.

(2)

Basis adjustment

If a credit is allowed under this section with respect to any qualified locomotive property, the basis of such property shall be reduced by the amount of the credit so allowed.

(3)

Recapture

The benefit of any credit allowable under subsection (a) shall, under regulations prescribed by the Secretary, be recaptured with respect to any qualified locomotive property that is sold or otherwise disposed of by the taxpayer during the 5-year period beginning on the date on which such property is originally placed in service. The preceding sentence shall not apply to locomotive property that is sold by and subsequently leased back to the taxpayer.

(d)

Termination

This section shall not apply to any property placed in service after December 31, 2013.

.

(b)

Credit Allowed as Business Credit

Section 38(b) of such Code is amended by striking plus at the end of paragraph (34), by striking the period at the end of paragraph (35) and inserting , plus, and by adding at the end the following new paragraph:

(36)

the locomotive property credit determined under section 45R(a).

.

(c)

Coordination with section 55

Section 38(c)(4)(B) of such Code is amended by redesignating clauses (vi), (vii), and (viii) as clauses (vii), (viii), and (ix), respectively, and by inserting after clause (v) the following new clause:

(vi)

the credit determined under section 45R(a),

.

(d)

Conforming amendment

Subsection (a) of section 1016 of such Code is amended by striking and at the end of paragraph (36), by striking the period at the end of paragraph (37) and inserting , and, and by adding at the end the following new paragraph:

(38)

to the extent provided in section 45R(c)(2).

.

(e)

Clerical Amendment

The table of sections for subpart D of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 45Q the following new item:

Sec. 45R. Locomotive property credit.

.

(f)

Effective Date

The amendments made by this section shall apply to property placed in service after December 31, 2009.