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H.R. 516 · 119th Congress

To amend the Internal Revenue Code of 1986 to modify the railroad track maintenance credit.

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MKR KellySponsor
183 cosponsors · 70 D, 112 R, 1 I
MTD Thompson JMR Moolenaar RAR Allen JBD Brownley SCD Cherfilus-McCormick VGD Gonzalez DJR Johnson DLR LaHood TNR Nehls CSR Smith CTR Tenney RYR Yakym MBR Bost SBR Biggs TCD Carter MGR Guest RHR Hudson TKR Kelly BTD Thompson SMD Moulton BOR Owens GGD (Gabe) Vasquez BMR Moore DDD Davis TMR Mann GTR Thompson JSR Shreve JCR Comer BWR Westerman ECD Cleaver MBR Baumgartner DSR Schmidt CMR Maloy TMR Moore JBR Bergman KMD Morrison CMR Miller JRD Riley ASR Scott DWR Webster JHR Hill TSD Suozzi RCR Crawford RER Estes LGD Gillen ABR Bean BMD McCollum NDR Dunn DRR Rouzer JER Ellzey RKD Kelly JVR Van Drew SBD Bishop SDD Davids MRR Rogers NND (Nikki) Budzinski RMR McCormick IOD Omar ABR Barr MMR Messmer HRR Rogers TSD Sewell DTD Titus RAR Aderholt RBR Bresnahan SWR Womack TCR Cole CGR Goldman JMD Morelle PSR Stauber HSD Scholten JGD Gottheimer TBR Barrett JGD Garamendi BHR Huizenga KMD McDonald Rivet DTR Taylor SCD Carbajal MVD Veasey MFR Fischbach DLR LaMalfa TWR Walberg TKR Kean BCR Carter MRR Rulli BFR Fitzpatrick SGR Graves AAD Adams PFR Fallon MMR Miller-Meeks NBR Begich RFR Fry DSD Soto JWR Wilson SCD Cohen MHR Haridopolos AGD Gray FLR Lucas MLR Lawler MMR Miller MMR Miller KSD Schrier LFD Frankel ASR Smith SDD DelBene RWR Williams BLR Loudermilk DVR Van Orden EVD Vindman WBD Bell NMR Moran KHR Hern APR Pfluger ESD Sorensen ACD Craig JBR Baird JHD Harder CMR Mills END Norton CPD Pappas MHR Harris MPD Pocan LSD Sánchez BSD Schneider BBD Balint DMR Meuser SPD Plaskett MER Ezell AMD McClain Delaney JBD Beatty TBR Balderson JMD Mannion DND Norcross MSR Simpson LSD Simon RWR Weber RNR Norman JRR Rose BWD Watson Coleman TBR Burchett NLR Langworthy BBR Babin JPR Patronis JCD Costa ACD Carson RLD Larsen PTD Tonko DBR Bacon RWR Wittman BCR Cline MCR Carey RJR Jackson FWD Wilson JSD Schakowsky WTR Timmons PGR Gosar NPD Pou JFR Fedorchak HHR Hageman FMD Mrvan STD Thanedar DDD Davis BFR Finstad SFD Figures JCR Carter SMD McBride AMR McDowell HGR Griffith JJR Joyce BSD Scott MDR Diaz-Balart WHR Hunt GER Evans KKI Kiley AHR Harris MLD Levin KMD Mullin BGR Guthrie DVR Valadao CFR Fuller RMD Menendez RMR Mackenzie DJR Joyce

1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

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.

What it does: CRS summary · Introduced in House · Jan 16, 2025

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 II or III 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.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: To amend the Internal Revenue Code of 1986 to modify the railroad track maintenance credit.

Latest action (Jan 16, 2025): Referred to the House Committee on Ways and Means.

Policy area: Taxation · Origin: House · Introduced: Jan 16, 2025

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.