I
112th CONGRESS
1st Session
H. R. 721
IN THE HOUSE OF REPRESENTATIVES
February 15, 2011
Ms. Jenkins (for herself, Mr. Blumenauer, Mr. Shuster, and Mr. Costello) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to extend and modify the railroad track maintenance credit.
Short title
This Act may be cited as the
Short Line Railroad Rehabilitation and
Investment Act of 2011
.
Extension and modification of Railroad Track Maintenance Credit
Extension of credit
Section 45G(f) of the Internal Revenue Code of 1986 is
amended by striking January 1, 2012
and inserting January
1, 2018
.
Expenditures
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—
in the case of taxable years beginning after December 31, 2004, and before January 1, 2012, 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
in the case of taxable years beginning after December 31, 2011, railroad track (including roadbed, bridges, and related track structures) owned or leased as of January 1, 2012, 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).
.
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2011.