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To amend the Internal Revenue Code of 1986 to modify the railroad track maintenance credit.
10/5/2024, 8:05 AM
Summary of Bill HR 9522
The proposed modifications in this bill would likely impact how railroad companies can claim this tax credit. The specifics of these changes are not explicitly outlined in the bill itself, but it is clear that the intention is to adjust the current regulations surrounding the credit.
The bill is currently being reviewed by the US Congress and has not yet been passed into law. It is important to note that the information provided in this summary is based on the text of the bill itself and may be subject to further amendments or revisions as it progresses through the legislative process. Overall, the Railroad Track Maintenance Credit Modification Act seeks to update and refine the existing tax credit system for railroad track maintenance in order to better support and encourage investment in this critical infrastructure.
Congressional Summary of HR 9522
This bill increases the annual limit on the tax credit for qualified railroad track maintenance expenses (also referred to as the short line railroad tax credit) and expands eligibility for claiming the credit.
Under current law, the tax credit is limited each tax year to $3,500 multiplied by the sum of the number of miles of railroad track owned or leased by the taxpayer (miles owned or leased) and the number of railroad track miles assigned to the taxpayer by a Class I or II railroad (miles assigned). This bill increases the annual limit to $6,100 multiplied by the sum of miles owned or leased and miles assigned. The $6,100 amount used in the calculation of the tax credit limit is adjusted for inflation for tax years beginning after 2025.
The bill also expands eligibility for the tax credit to include gross expenses for maintaining railroad tracks owned or leased as of January 1, 2024. Under current law, the tax credit is limited to gross expenses for maintaining railroad tracks owned or leased as of January 1, 2015.
Read the Full Bill
Current Status of Bill HR 9522
Bipartisan Support of Bill HR 9522
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
8Democrat Cosponsors
5Republican Cosponsors
3Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 9522
Primary Policy Focus
Alternate Title(s) of Bill HR 9522
Comments
Edith Walters
1 year ago
I don't understand why they are changing this bill, it seems like a waste of time and money. I rely on the railroad for transportation and this could really impact me. Why are they making these changes?
Navy Harding
1 year ago
This bill is a joke. It's just another way for the government to waste money on something unnecessary.
