S. 1532: To amend the Internal Revenue Code of 1986 to modify the railroad track maintenance credit.
This bill proposes changes to the Internal Revenue Code of 1986 specifically related to the railroad track maintenance credit. Here is a breakdown of the main components of the bill:
Modification of Railroad Track Maintenance Credit
Increase in Credit Amount
The bill seeks to increase the maintenance credit available for railroad track maintenance. Specifically:
- The current credit amount of $3,500 would be increased to $6,100.
Inflation Adjustment
The bill includes a provision for adjusting the credit amount for inflation. This means that:
- After 2025, the credit amount of $6,100 would be subject to annual adjustments based on the cost of living.
- The adjustments will ensure that the credit grows in line with inflation, rounded to the nearest multiple of $100.
Qualified Railroad Track Maintenance Expenditures
The bill changes the date related to the qualified expenditures associated with the maintenance credit:
- The current date reference of January 1, 2015, for eligible expenditures will be updated to January 1, 2024.
Effective Date
The changes proposed in this bill would apply to expenses incurred in taxable years beginning after December 31, 2024.
Relevant Companies
- UNP (Union Pacific Corporation): As a major railway operator, Union Pacific would likely benefit from the increased maintenance credit, aiding in funding their infrastructure improvements.
- CSX (CSX Corporation): Similar to Union Pacific, CSX could see advantages from an increased credit, potentially improving their financial position for track maintenance expenditures.
This is an AI-generated summary of the bill text. There may be mistakes.
Sponsors
31 bill sponsors
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TrackMike Crapo
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TrackMichael F. Bennet
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TrackJohn Boozman
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TrackTed Budd
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TrackShelley Moore Capito
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TrackChristopher A. Coons
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TrackTom Cotton
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TrackKevin Cramer
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TrackSteve Daines
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TrackDeb Fischer
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TrackRuben Gallego
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TrackMargaret Wood Hassan
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TrackMartin Heinrich
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TrackJohn Hoeven
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TrackJon Husted
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TrackCindy Hyde-Smith
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TrackAmy Klobuchar
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TrackBen Ray Lujan
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TrackRoger Marshall
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TrackJerry Moran
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TrackJon Ossoff
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TrackJames E. Risch
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TrackMike Rounds
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TrackTim Scott
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TrackDan Sullivan
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TrackJohn Thune
Co-Sponsor
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TrackThom Tillis
Co-Sponsor
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TrackRaphael G. Warnock
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TrackRoger F. Wicker
Co-Sponsor
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TrackRon Wyden
Co-Sponsor
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TrackTodd Young
Co-Sponsor
Actions
2 actions
| Date | Action |
|---|---|
| Apr. 30, 2025 | Introduced in Senate |
| Apr. 30, 2025 | Read twice and referred to the Committee on Finance. |
Corporate Lobbying
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